European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the launch of a euro-backed stablecoin, supported by a group of 12 prominent European banks. The Qivalis consortium, comprising banks such as CaixaBank, Danske Bank, and UniCredit, is driving this initiative. Scheduled for release in the second half of 2026, the euro-denominated token will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The stablecoin market, which reached $305 billion in January 2026, is currently dominated by dollar-denominated assets, 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 significant opportunity for growth. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on a compliant euro-backed stablecoin at scale, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'