A dozen banks want a euro stablecoin. Fireblocks is making it happen

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email A dozen banks want a euro stablecoin. Fireblocks is making it happen The Qivalis consortium is made up of: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. By Ian Allison | Edited by Omkar Godbole Apr 21, 2026, 8:00 a.m. Make preferred on CEO and co-founder Michael Shaulov (Fireblocks) What to know : The euro-backed token is scheduled for release in the second half of 2026. Amsterdam-based Qivalis is regulated by the Dutch Central Bank. EMBARGO: APRIL 21, 2026 @ 9:00 AM BST (UK) Cryptocurrency custody firm Fireblocks is handling the issuance and distribution of a euro-denominated stablecoin, backed by a group of twelve European banks, known as the Qivalis consortium. The euro-backed token, scheduled for release in the second half of 2026, is regulated by the Dutch Central Bank through Amsterdam-based Qivalis and is compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium is made up of: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins are cryptocurrencies with values pegged to an external reference such as the dollar, euro and other fiat currencies. The stablecoin market hit $305 billion in January 2026, but 99% of that volume remains dollar-denominated, with euro-pegged assets representing just $650 million. The Qivalis consortium aims to challenge this dollar dominance with a regulated, MiCAR-compliant offering, according to a press release on Tuesday. The euro is the second-most traded currency in the world, accounting for a daily average volume of nearly $1.1 trillion. "Qivalis demonstrates how major financial institutions can work together to plan a compliant euro-backed stablecoins at scale – with production-ready infrastructure that will meet MiCAR requirements, handle institutional volumes, and integrate seamlessly with existing banking systems,” said Michael Shaulov, Co-Founder and CEO of Fireblocks. banks Stablecoins More For You UK gas-investment firm weighs bitcoin mining, draws criticism By Olivier Acuna | Edited by Sheldon Reback 16 hours ago Reabold Resources' gas field is so large it could theoretically mine 50,000 BTC, local media said. The firm said it will test bitcoin mining before pivoting to data centers. What to know : Reabold Resources is considering a pilot gas-powered bitcoin mining station at its West Newton A well site in northern England to showcase how its gas reserves could fuel future data centers. The company says bitcoin mining would initially help finance further development of the large onshore gas field and serve... Read full story Latest Crypto News Arbitrum freezes $71 million in ether tied to Kelp DAO exploit 2 hours ago Bitcoin reclaims $75,000 as Iran ceasefire talks advance, equities rally resumes 2 hours ago Ripple wants the XRP Ledger to be quantum-proof by 2028. Here is its plan 2 hours ago North Korea’s crypto heist playbook is expanding and DeFi keeps getting hit 10 hours ago Aave could face up to $230 million in losses after Kelp DAO bridge exploit triggers DeFi chaos 10 hours ago Bitcoin bounces above $76,000 as DeFi suffers $14 billion exodus after KelpDAO hack 11 hours ago Top Stories Kelp DAO claims LayerZero’s 'default' settings are what actually caused the massive $290 million disaster 17 hours ago Coinbase, Bybit said to be working together on tokenization, custody and distribution of U.S. stocks 18 hours ago Strategy buys 34,164 bitcoin for $2.54 billion, third-largest purchase on record 19 hours ago Here's how bitcoin's $7.9 billion April options expiry impact prices 22 hours ago LayerZero blames Kelp's setup for $290 million exploit, attributes it to North Korea's Lazarus Apr 20, 2026