Fireblocks to Launch Euro Stablecoin with Backing from 12 European Banks

Fireblocks, a leading cryptocurrency custody firm, has been selected to manage the issuance and distribution of a euro-backed stablecoin, supported by the Qivalis consortium, comprising 12 prominent European banks. The euro-denominated token, slated for release 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 consists of Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins, which are cryptocurrencies pegged to external references like fiat currencies, have seen significant growth, with the market reaching $305 billion in January 2026. However, the majority of this volume is dollar-denominated, 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 offering. 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, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'