Fireblocks to Launch Euro Stablecoin Backed by 12 European Banks

A group of twelve prominent European banks, collectively known as the Qivalis consortium, has partnered with cryptocurrency custody firm Fireblocks to introduce a euro-denominated stablecoin. Scheduled to launch in the second half of 2026, this euro-backed 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 external references like fiat currencies, have seen significant growth, reaching a market size of $305 billion in January 2026. However, the market remains 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 and compliant euro-backed stablecoin offering. As the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion, the euro presents a substantial opportunity for growth. 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.'