Euro Stablecoin Initiative Gains Momentum with Fireblocks at the Helm

Fireblocks, a leading cryptocurrency custody firm, is driving the development of a euro-denominated stablecoin in collaboration with a group of twelve major European banks, collectively known as the Qivalis consortium. Scheduled for launch in the second half of 2026, this euro-backed token is regulated by the Dutch Central Bank and adheres to the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium consists of 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 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, the euro has 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 compliant euro-backed stablecoin at scale, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'