Twelve European Banks Partner with Fireblocks to Launch MiCA-Compliant Euro Stablecoin

A consortium of twelve major European banks including BNP Paribas, BBVA, ING, and UniCredit partners with Fireblocks to launch a MiCA-compliant euro-denominated stablecoin through Amsterdam-based Qivalis, regulated by the Dutch Central Bank and scheduled for release in the second half of 2026. The initiative addresses a significant market imbalance where euro-pegged stablecoins represent only $650 million of the $305 billion stablecoin market as of January 2026, despite the euro being the second-most traded currency globally with nearly $1.1 trillion in daily trading volume. The project aims to challenge the dollar's dominance in stablecoins, which currently accounts for 99% of market volume.

Launch of MiCA-Compliant Euro Stablecoin by European Banks

• ▪The Qivalis euro stablecoin is compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR)
• ▪The Qivalis consortium consists of Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit
• ▪Michael Shaulov is Co-Founder and CEO of Fireblocks
• ▪The Qivalis consortium euro-backed stablecoin is scheduled for release in the second half of 2026
• ▪The Qivalis euro stablecoin is regulated by the Dutch Central Bank through Amsterdam-based Qivalis
• ▪Fireblocks is handling the issuance and distribution of a euro-denominated stablecoin backed by the Qivalis consortium of twelve European banks

Dollar Dominance in the Stablecoin Market

• ▪Euro-pegged stablecoin assets represented just $650 million as of January 2026
• ▪The stablecoin market hit $305 billion in January 2026
• ▪99% of the stablecoin market volume remains dollar-denominated as of January 2026
• ▪The euro accounts for a daily average trading volume of nearly $1.1 trillion
• ▪The euro is the second-most traded currency in the world

Scam Targeting Ships in Strait of Hormuz

• ▪Marisks believes at least one vessel fell victim to the Strait of Hormuz scam and was fired on
• ▪Marisks is a Greek maritime risk management company
• ▪Marisks alerted ships stranded by the Hormuz blockade to scammers posing as Iranian authorities asking for bitcoin or USDT
• ▪Shipowners are receiving fraudulent messages from scammers posing as Iranian authorities demanding bitcoin or USDT payments for safe passage through the Strait of Hormuz

Perspective of Fireblocks

• ▪Fireblocks views the partnership with twelve European banks as bringing institutional credibility to euro-denominated stablecoins
• ▪Michael Shaulov of Fireblocks states the Qivalis euro stablecoin addresses the gap between the euro's global trading significance and its minimal stablecoin representation

Perspective of European banking consortium

• ▪The twelve European banks in the Qivalis consortium aim to capture market share in the stablecoin sector currently dominated by dollar-pegged assets
• ▪The Qivalis consortium banks view MiCA compliance as a competitive advantage over unregulated dollar-denominated stablecoins