Fireblocks to Launch Euro Stablecoin with Support from 12 European Banks

A group of 12 prominent European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks, a cryptocurrency custody firm, to develop and distribute 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 Qivalis 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 global stablecoin market reaching $305 billion in January 2026. However, the market remains largely dominated by dollar-denominated stablecoins, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, euro-denominated stablecoin that meets MiCAR requirements and can handle large volumes. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, euro-backed stablecoin at scale, with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'