European Banks Unite to Launch Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the issuance and distribution of a euro-denominated stablecoin, backed by a group of 12 major European banks. The Qivalis consortium, comprising banks such as CaixaBank, Danske Bank, and UniCredit, aims to introduce the euro-backed token in the second half of 2026. Regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR), this stablecoin seeks to challenge the dominance of dollar-denominated assets in the market. With the stablecoin market reaching $305 billion in January 2026, the Qivalis consortium aims to capitalize on the euro's status as the second-most traded currency globally, with 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, large-scale euro stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements and seamlessly integrates with existing banking systems.'