Euro Stablecoin Initiative Gains Momentum with Fireblocks at the Helm

Fireblocks, a leading cryptocurrency custody firm, is spearheading the launch of a euro-backed stablecoin in collaboration with the Qivalis consortium, comprising 12 prominent European banks. Scheduled for release in the second half of 2026, this stablecoin 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 break the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion market, by introducing a regulated and compliant euro-pegged alternative. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential, backed by a daily average volume of nearly $1.1 trillion. 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.'