Fireblocks Paves the Way for Euro Stablecoin with Backing from 12 European Banks

A group of twelve prominent European banks, operating under the Qivalis consortium, has partnered with cryptocurrency custody firm Fireblocks to launch a euro-backed stablecoin. Scheduled for release in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and will comply 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 global stablecoin 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 and compliant euro-backed stablecoin offering. As the second-most traded currency worldwide, with a daily average volume of nearly $1.1 trillion, the euro presents a significant opportunity for growth in the stablecoin market. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on large-scale, compliant euro-backed stablecoin projects, leveraging production-ready infrastructure that meets MiCAR requirements and seamlessly integrates with existing banking systems.'