European Banks Collaborate on Euro Stablecoin with Fireblocks

A group of twelve prominent European banks has partnered with Fireblocks, a leading cryptocurrency custody firm, to launch a euro-backed stablecoin. This collaborative effort, known as the Qivalis consortium, aims to introduce a regulated and EU-compliant euro-denominated token, set to be released in the second half of 2026. The Dutch Central Bank will oversee the project through Amsterdam-based Qivalis, ensuring adherence 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 like the euro or dollar, 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 seeks to challenge this dominance with a compliant, MiCAR-aligned 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 how major financial institutions can collaborate to develop compliant, large-scale euro-backed stablecoins, complete with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'