European Banks Collaborate on Euro Stablecoin with Fireblocks

A group of 12 prominent European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks to introduce a euro-backed stablecoin. This digital asset is slated for release in the latter half of 2026 and will be regulated by the Dutch Central Bank, ensuring compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR). The participating banks include 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 majority of this market is 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-backed stablecoin. As the second-most traded currency globally, the euro has a daily average volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, '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 integrates seamlessly with existing banking systems.'