Fireblocks Partners with 12 European Banks to Launch Euro Stablecoin

Fireblocks, a leading cryptocurrency custody firm, has been selected to manage the issuance and distribution of a euro-backed stablecoin, supported by a group of 12 prominent European banks. The stablecoin, slated for release in the second half of 2026, will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The participating banks, known as the Qivalis consortium, aim to introduce a regulated and compliant euro-pegged stablecoin to the market, which is currently dominated by dollar-denominated assets. With a daily average volume of nearly $1.1 trillion, the euro is the second-most traded currency globally, presenting a significant opportunity for the Qivalis consortium to challenge the existing dollar dominance in the stablecoin market.