Fireblocks to Launch Euro Stablecoin with Backing from 12 European Banks

Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-backed stablecoin, supported by the Qivalis consortium, comprising 12 prominent European banks. The stablecoin, slated for release in the second half of 2026, will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium includes major banks such as CaixaBank, Danske Bank, and UniCredit. With the stablecoin market reaching $305 billion in January 2026, the Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins with a regulated, euro-pegged offering. According to Fireblocks Co-Founder and CEO Michael Shaulov, the Qivalis project demonstrates how major financial institutions can collaborate to develop compliant, large-scale euro-backed stablecoins with seamless integration into existing banking systems.