European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the issuance and distribution of a euro-backed stablecoin, supported by a group of 12 prominent European banks. The Qivalis consortium, comprising major financial institutions such as CaixaBank, Danske Bank, and UniCredit, aims to introduce the euro-denominated token in the second half of 2026. Regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR), this stablecoin seeks to challenge the dominance of dollar-denominated assets in the market. With the euro being the second-most traded currency globally, the Qivalis consortium hopes to capitalize on its potential, providing a compliant and production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant euro-backed stablecoin at scale.' The stablecoin market, which reached $305 billion in January 2026, is largely dominated by dollar-denominated assets, with euro-pegged assets accounting for only $650 million. The Qivalis consortium's initiative aims to shift this balance, offering a regulated and compliant euro-denominated stablecoin that can cater to institutional volumes and existing banking systems.