European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is partnering with the Qivalis consortium, comprising 12 prominent European banks, to introduce a euro-backed stablecoin. Scheduled for release in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium includes major banks such as CaixaBank, Danske Bank, and UniCredit. With the stablecoin market reaching $305 billion in January 2026, the Qivalis consortium aims to increase the presence of euro-pegged assets, currently valued at $650 million, and challenge the dominance of dollar-denominated stablecoins. 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 initiative, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'