European Banks Announce Launch of Euro Stablecoin

European banks to launch euro stablecoin with Fireblocks by 2026.

A consortium of 12 European banks, led by Qivalis, has selected the Fireblocks platform to launch a stablecoin pegged to the euro. The project is being developed in accordance with the MiCA regulation, reports Cointelegraph.

The group includes major financial institutions such as BBVA, BNP Paribas, ING, and UniCredit. Fireblocks will provide technology for tokenization, wallets, and compliance tools, including identity verification and sanctions screening.

The new coin is aimed at institutional clients and is intended for use in settlements, capital management, and working with tokenized assets. The stablecoin will be fully reserved and will receive the status of electronic money under the supervision of the Dutch Central Bank.

The launch is scheduled for the second half of 2026.

The initiative aims to reduce the dominance of dollar-pegged stablecoins. According to DeFiLlama, the market capitalization of the segment exceeds $320 billion, with 99% of the supply tied to US dollar assets.

Fireblocks’ Chief Strategy Officer, Stephen Richardson, noted that the project will become a regulated tool for European companies, replacing less reliable alternatives.

Back in April, the Bank for International Settlements warned that many dollar stablecoins function more as investment instruments than as a means of payment.