European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a cryptocurrency custody firm, is set to issue and distribute a euro-denominated stablecoin, backed by the Qivalis consortium, comprising 12 prominent European banks. The euro-backed token, expected to launch in the second half of 2026, will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium includes Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins, cryptocurrencies pegged to external references like the euro, have seen significant growth, with the market reaching $305 billion in January 2026. However, the market is currently 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, MiCAR-compliant euro-backed stablecoin. According to Fireblocks Co-Founder and CEO Michael Shaulov, 'Qivalis showcases how major financial institutions can collaborate to develop compliant, large-scale euro-backed stablecoins with production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'