European Banking Consortium Partners with Fireblocks to Launch Euro-Backed Stablecoin

Fireblocks, a leading cryptocurrency custody firm, has been appointed to manage the issuance and distribution of a euro-backed stablecoin, supported by a consortium of 12 European banks. The Qivalis consortium, comprising major banks such as CaixaBank, Danske Bank, and UniCredit, aims to introduce a regulated, euro-denominated stablecoin in the second half of 2026. This stablecoin will be compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR) and regulated by the Dutch Central Bank. The Qivalis consortium seeks to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion stablecoin market. With the euro being the second-most traded currency globally, the consortium believes a regulated, euro-pegged stablecoin can capitalize on the vast potential of the European market. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, the Qivalis project showcases the ability of major financial institutions to collaborate on a large-scale, compliant stablecoin initiative, leveraging production-ready infrastructure that meets MiCAR requirements and seamlessly integrates with existing banking systems.