Fireblocks Drives Euro Stablecoin Initiative with Consortium of 12 European Banks

Fireblocks, a leading cryptocurrency custody firm, is spearheading the launch of a euro-backed stablecoin in collaboration with a group of 12 European banks, collectively known as the Qivalis consortium. 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 consists of major banks such as 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. Although the stablecoin market reached $305 billion in January 2026, it is predominantly dollar-denominated, with euro-pegged assets accounting for a mere $650 million. The Qivalis consortium aims to challenge this 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 the potential for major financial institutions to collaborate on a compliant euro-backed stablecoin at scale, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'