European Banks Collaborate on Euro Stablecoin with Fireblocks

A group of 12 major European banks, known as the Qivalis consortium, has partnered with Fireblocks to introduce a euro-denominated stablecoin. The new digital currency, set to launch in the second half of 2026, is backed by the euro and will be regulated by the Dutch Central Bank. The consortium consists of prominent banks such as Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins are digital currencies pegged to the value of traditional currencies like the euro or US dollar. Despite the stablecoin market reaching $305 billion in January 2026, 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 and compliant euro-backed stablecoin. The euro is the second most widely 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 the ability of major financial institutions to collaborate on a compliant euro-backed stablecoin at scale, with the necessary infrastructure to meet regulatory requirements, handle large volumes, and integrate with existing banking systems.'