European Banks Collaborate on Euro Stablecoin with Fireblocks

A group of 12 prominent European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks to introduce a euro-backed stablecoin. This digital asset is slated for release in the second half of 2026 and will be regulated by the Dutch Central Bank, ensuring compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR). The participating banks include 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 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 volume is denominated in dollars, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge dollar dominance with a regulated, euro-denominated stablecoin. According to Fireblocks Co-Founder and CEO Michael Shaulov, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, complete with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'