Fireblocks Partners with European Banks to Launch Euro Stablecoin

Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-backed stablecoin in partnership with the Qivalis consortium, comprising 12 major European banks. The stablecoin, scheduled for release in the second half of 2026, 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 challenge the dominance of dollar-denominated stablecoins with a regulated, euro-pegged offering, capitalizing on the euro's status as the second-most traded currency globally. According to Fireblocks Co-Founder and CEO Michael Shaulov, the Qivalis project showcases the potential for major financial institutions to collaborate on compliant, large-scale stablecoin initiatives.