European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-denominated stablecoin on behalf of the Qivalis consortium, comprising 12 prominent European banks. Scheduled for release in the second half of 2026, this euro-backed token will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium includes major banks such as CaixaBank, Danske Bank, and UniCredit. With the stablecoin market reaching $305 billion in January 2026, the Qivalis consortium aims to increase the presence of euro-pegged assets, currently valued at $650 million, and challenge the dominance of dollar-denominated stablecoins. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, this collaboration demonstrates how major financial institutions can work together to create a compliant euro-backed stablecoin at scale, meeting MiCAR requirements and integrating with existing banking systems.