European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the launch of a euro-backed stablecoin, supported by a group of twelve prominent European banks, collectively known as the Qivalis consortium. Scheduled for release in the second half of 2026, this euro-denominated token will be regulated by the Dutch Central Bank and compliant 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. As the stablecoin market reached $305 billion in January 2026, with a mere $650 million representing euro-pegged assets, the Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins with a regulated, MiCAR-compliant euro-backed offering. With the euro being the second-most traded currency globally, accounting for nearly $1.1 trillion in daily average volume, the consortium seeks to capitalize on this opportunity. 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.'