Fireblocks Drives the Launch of a Euro Stablecoin Backed by 12 European Banks

A group of 12 major European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks, a leading cryptocurrency custody firm, to develop and distribute a euro-backed stablecoin. This innovative digital asset is slated for release in the second half of 2026 and will be regulated by the Dutch Central Bank, ensuring full 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, cryptocurrencies pegged to the value of traditional currencies like the euro or dollar, have seen significant growth, with the global 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 by introducing a regulated, euro-denominated stablecoin that meets the stringent requirements of MiCAR. 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 in the stablecoin market. 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 satisfies MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'