Fireblocks Leads the Charge in Creating a Euro Stablecoin with a Consortium of 12 European Banks

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. The euro-backed token is slated for release in the second half of 2026 and will be regulated by the Dutch Central Bank through Amsterdam-based Qivalis, ensuring compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR). The consortium aims to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion market. By introducing a regulated, MiCAR-compliant euro-pegged stablecoin, the Qivalis consortium seeks to capitalize on the euro's status as the world's second-most traded currency, with 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 euro-backed stablecoin at scale, with production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'