European Banks Unite to Launch Euro Stablecoin with Fireblocks

Fireblocks, a digital asset custody firm, is facilitating the creation and distribution of a euro-backed stablecoin, supported by a group of 12 prominent European banks. This initiative, known as the Qivalis consortium, is scheduled to launch in the second half of 2026 and will be regulated by the Dutch Central Bank. The Qivalis consortium comprises major banks such as 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 external references like the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this volume is dollar-denominated, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, EU-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 with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'