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 prominent 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. The Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion stablecoin market, with a mere $650 million represented by euro-pegged assets. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential. As stated by Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaboratively plan a compliant, euro-backed stablecoin at scale, with infrastructure that meets MiCAR requirements and seamlessly integrates with existing banking systems.'