European Banks Collaborate on Euro Stablecoin with Fireblocks

A group of twelve prominent European banks, operating under the Qivalis consortium, has partnered with cryptocurrency custody firm Fireblocks to launch a euro-denominated stablecoin. Scheduled to debut in the second half of 2026, this token will be regulated by the Dutch Central Bank and will comply with the European Union'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 are digital currencies pegged to the value of traditional currencies like the euro or dollar. As of January 2026, the stablecoin market had reached $305 billion, with the majority being dollar-denominated, leaving euro-pegged assets at just $650 million. The Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins with a compliant, MiCAR-aligned euro-backed stablecoin. The euro is the world's second-most traded currency, with a daily average volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on a large-scale, compliant euro-backed stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates smoothly with existing banking systems.'