European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a cryptocurrency custody firm, is spearheading the issuance and distribution of a euro-denominated stablecoin, supported by the Qivalis consortium, comprising 12 prominent European banks. Scheduled for release in the second half of 2026, this euro-backed token is regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium includes Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. As the stablecoin market reaches $305 billion, with a dominance of dollar-denominated assets, the Qivalis consortium aims to introduce a regulated, euro-pegged alternative. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis demonstrates how major financial institutions can collaborate to develop compliant euro-backed stablecoins at scale, with infrastructure that meets MiCAR requirements and integrates with existing banking systems.'