European Banking Consortium Partners with Fireblocks to Launch Euro Stablecoin

A consortium of twelve prominent European banks, including Banca Sella, BBVA, and UniCredit, has teamed up with Fireblocks, a leading cryptocurrency custody firm, to develop and distribute a euro-backed stablecoin. Scheduled to launch in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation. The Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion stablecoin market, with a regulated and compliant euro-pegged offering. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, this partnership demonstrates how major financial institutions can collaborate to create a compliant euro-backed stablecoin at scale, with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.