Over a dozen European banks collaborate on a euro-based stablecoin, with Fireblocks leading the charge

Fireblocks, a leading cryptocurrency custody firm, is spearheading the creation and distribution of a euro-denominated stablecoin, backed by twelve major European banks. This euro-backed token is slated for release in the latter half of 2026 and is regulated by the Dutch Central Bank through Amsterdam-based Qivalis, ensuring compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR). The participating banks are 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 or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the market remains predominantly dollar-denominated, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, compliant euro-backed stablecoin. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases how major financial institutions can collaborate to develop compliant, euro-backed stablecoins at scale, with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'