12 Major European Banks Team Up to Launch Euro-Pegged Stablecoin via Fireblocks

A consortium of 12 European banks, coordinated by Qivalis, has partnered with digital asset infrastructure provider Fireblocks to develop a euro-pegged stablecoin. The token is being built in full compliance with the European Union's Markets in Crypto-Assets (MiCA) regulation, according to Cointelegraph.

Who is behind the initiative

The banking group includes major financial institutions such as BBVA, BNP Paribas, ING, and UniCredit. Fireblocks will supply the technological backbone — tokenization tools, custodial wallets, and compliance infrastructure covering identity verification and sanctions screening.

The stablecoin targets institutional clients and is designed for settlements, treasury management, and operations involving tokenized assets. It will be fully reserved and classified as electronic money under the supervision of the Dutch Central Bank (De Nederlandsche Bank).

The launch is scheduled for the second half of 2026.

Why it matters

The stablecoin market remains overwhelmingly dollar-denominated. According to DeFiLlama, total stablecoin market capitalization exceeds $320 billion, with 99% of supply tied to the US dollar. The European consortium's initiative represents a direct effort to shift that balance by offering a regulated euro-based alternative.

Fireblocks Chief Strategy Officer Steven Richardson described the project as a regulated instrument for European businesses, intended to replace less reliable alternatives currently available on the market.

Broader context: scrutiny over stablecoin functionality

The euro stablecoin announcement arrives amid growing debate about the actual role of existing stablecoins. In April, the Bank for International Settlements (BIS) warned that many dollar-pegged stablecoins function more as investment vehicles than payment instruments.

The MiCA framework, now in effect across the EU, establishes clear requirements for stablecoin issuers: full reserve backing, licensing, and oversight by national regulators. The Qivalis-led project could become one of the first large-scale implementations of these rules.

With backing from 12 major banks, the token has the potential to build genuine infrastructure for euro-denominated blockchain settlements — a segment that has remained almost entirely unoccupied until now. Whether it can meaningfully challenge the dominance of dollar stablecoins will depend on adoption across European financial markets and DeFi protocols alike.