Fireblocks to Launch Euro Stablecoin with Backing from Twelve European Banks

A group of twelve prominent European banks, collectively known as the Qivalis consortium, have collaborated to introduce a euro-backed stablecoin, with cryptocurrency custody firm Fireblocks overseeing its issuance and distribution. Scheduled for release in the latter half of 2026, this euro-denominated token is regulated by the Dutch Central Bank and adheres to 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 external references such as fiat currencies, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this volume, approximately 99%, is denominated in dollars, leaving a relatively small $650 million for euro-pegged assets. The Qivalis consortium aims to challenge dollar dominance with a compliant, MiCAR-aligned euro stablecoin offering. As the world's second-most traded currency, 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 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.'