European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-backed stablecoin in partnership 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 comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium aims to promote the use of euro-pegged assets, currently underrepresented in the stablecoin market, which reached a volume of $305 billion in January 2026. With the euro being the second-most traded currency globally, the consortium seeks to challenge the dominance of dollar-denominated stablecoins. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, the Qivalis project demonstrates the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin initiative.