Twelve European Banks Collaborate on Euro Stablecoin with Fireblocks
A dozen banks want a euro stablecoin. Fireblocks is making it happen
Coindesk
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A consortium of twelve banks, known as Qivalis, is developing a euro-backed stablecoin with the assistance of Fireblocks. Set to launch in the second half of 2026, this stablecoin aims to increase euro representation in the cryptocurrency market, which is currently dominated by dollar-denominated assets.
- 01The Qivalis consortium includes major banks like BNP Paribas and UniCredit.
- 02The euro stablecoin is expected to launch in the second half of 2026.
- 03This initiative is regulated by the Dutch Central Bank and complies with EU's MiCAR.
- 04The stablecoin market was valued at $305 billion in January 2026, with euro assets at only $650 million.
- 05The project aims to challenge the dominance of dollar-backed stablecoins.
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The Qivalis consortium, comprising twelve prominent European banks including BNP Paribas, CaixaBank, and UniCredit, is collaborating with Fireblocks to develop a euro-backed stablecoin. Scheduled for release in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and adhere to the EU's Markets in Crypto-Assets Regulation (MiCAR). Currently, the stablecoin market is heavily dominated by dollar-denominated assets, which account for 99% of the total volume. In contrast, euro-pegged assets represent only $650 million of the market, despite the euro being the second-most traded currency globally, with a daily trading volume of nearly $1.1 trillion. Michael Shaulov, Co-Founder and CEO of Fireblocks, emphasized that this initiative showcases how major financial institutions can collaborate to create a compliant euro-backed stablecoin with robust infrastructure to meet institutional demands.
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The introduction of a euro-backed stablecoin could provide businesses and consumers in Europe with a more stable digital currency option, potentially enhancing the efficiency of transactions and reducing reliance on dollar-denominated assets.
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