Euro Stablecoin Initiative Gains Momentum with Fireblocks at the Helm

A group of twelve major European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks, a leading cryptocurrency custody firm, to launch a euro-denominated stablecoin. Scheduled for release in the latter half of 2026, this euro-backed token will be regulated by the Dutch Central Bank and will comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis 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 pegged to external references like the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast 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. As the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion, the euro presents a substantial opportunity. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'