European Banking Consortium Partners with Fireblocks to Launch Euro Stablecoin

A consortium of 12 major European banks, known as Qivalis, has collaborated with cryptocurrency custody firm Fireblocks 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 compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium comprises 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. Despite the stablecoin market reaching $305 billion in January 2026, the vast majority of this volume is denominated in dollars, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge dollar dominance with a regulated, MiCAR-compliant euro-backed stablecoin. 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 how major financial institutions can collaborate to develop compliant, large-scale euro-backed stablecoins with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'