Fireblocks to Launch Euro Stablecoin with Backing of 12 European Banks

A group of 12 prominent European banks, collectively known as the Qivalis consortium, has partnered with cryptocurrency custody firm Fireblocks to introduce a euro-backed stablecoin. Scheduled for release in the second half of 2026, this token will be regulated by the Dutch Central Bank and will comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The consortium comprises Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins, which are cryptocurrencies pegged to the value of traditional currencies like the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this market is dominated by dollar-denominated assets, with euro-pegged stablecoins accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, compliant euro-backed stablecoin. According to Fireblocks Co-Founder and CEO Michael Shaulov, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and seamlessly integrates with existing banking systems.'