Fireblocks to Launch Euro Stablecoin with Backing from 12 European Banks

A group of 12 prominent European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks, a leading cryptocurrency custody firm, to introduce a euro-denominated stablecoin. Scheduled for release in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). 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 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, compliant euro stablecoin offering. The euro is the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases how major financial institutions can collaborate to develop compliant, large-scale euro-backed stablecoins with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'