Fireblocks Collaborates with 12 European Banks to Launch Euro Stablecoin

A group of twelve prominent European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks, a leading cryptocurrency custody firm, to develop and distribute a stablecoin pegged to the euro. Scheduled for release in the second half of 2026, this euro-denominated token will be regulated by the Dutch Central Bank and will comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The consortium comprises Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins, which are cryptocurrencies tied to the value of traditional currencies like the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this market is 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, euro-backed stablecoin that meets MiCAR requirements. 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 potential for major financial institutions to collaborate on the development of compliant, euro-backed stablecoins at scale, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'