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

Apr 21, 2026

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.