Euro Stablecoin Initiative Gains Momentum with Fireblocks and 12 European Banks

Fireblocks, a leading cryptocurrency custody firm, is spearheading the launch of a euro-backed stablecoin in partnership with the Qivalis consortium, comprising Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Scheduled for release in the second half of 2026, this regulated token is compliant with the EU's Markets in Crypto-Assets Regulation and is overseen by the Dutch Central Bank. The Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion market, by introducing a compliant, euro-pegged alternative. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, this initiative demonstrates the ability of major financial institutions to collaborate on a large-scale, compliant stablecoin project, leveraging production-ready infrastructure that meets MiCAR requirements and seamlessly integrates with existing banking systems.