European Banks Unite to Launch Euro Stablecoin with Fireblocks

A group of 12 European banks, collectively known as the Qivalis consortium, has partnered with cryptocurrency custody firm Fireblocks to launch a euro-backed stablecoin. The token, set to debut in the second half of 2026, is regulated by the Dutch Central Bank and adheres to 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 pegged to external references like fiat currencies, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this volume is denominated in US dollars, 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. According to Fireblocks Co-Founder and CEO Michael Shaulov, 'Qivalis showcases how major financial institutions can collaborate to develop compliant euro-backed stablecoins at scale, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'