Euro Stablecoin Initiative Gains Momentum with Fireblocks at the Helm

Fireblocks, a leading cryptocurrency custody firm, has been entrusted with the issuance and distribution of a euro-denominated stablecoin, backed by the Qivalis consortium, comprising 12 major European banks. Scheduled for release in the second half of 2026, this euro-backed token will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium aims to introduce a regulated, euro-pegged stablecoin to challenge the dominance of dollar-denominated assets in the stablecoin market, which reached $305 billion in January 2026. With the euro being the second-most traded currency globally, accounting for nearly $1.1 trillion in daily average volume, this initiative seeks to capitalize on the potential of euro-backed stablecoins. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'