Twelve European banks plan euro stablecoin launch

Twelve European banks and Fireblocks plan a MiCA-compliant euro stablecoin for 2026, aiming to boost euro-backed assets in institutional markets.

A consortium of 12 major European banks, led by Qivalis, is collaborating with Fireblocks to develop a regulated euro stablecoin, with a planned launch in the second half of 2026. This initiative is designed to comply with the EU’s Markets in Crypto-Assets Regulation (MiCA) and will operate as an electronic money institution under Dutch regulatory oversight, pending approval from De Nederlandsche Bank. The stablecoin will be fully backed 1:1 by euros and is intended for institutional use cases, including settlement, treasury management, and tokenized assets. Fireblocks will provide the core infrastructure, covering tokenization, custody, wallet services, identity verification, and sanctions screening. This project aims to challenge the dominance of dollar-backed stablecoins, as euro-pegged assets currently represent only a small portion of the global market. Major participating banks include BBVA, BNP Paribas, ING, and UniCredit, highlighting a coordinated effort to standardize digital euro transactions and enhance interoperability across European financial systems.