European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the issuance and distribution of a euro-backed stablecoin, supported by a group of 12 prominent European banks. The Qivalis consortium, comprising Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit, is driving this initiative. Scheduled for release in the second half of 2026, the euro-denominated token will be regulated by the Dutch Central Bank and will comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The stablecoin market, which reached $305 billion in January 2026, is currently dominated by dollar-denominated assets, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, MiCAR-compliant offering. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis demonstrates how major financial institutions can collaborate to develop a compliant euro-backed stablecoin at scale, with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'