Euro Stablecoin Initiative Gains Momentum with Fireblocks and 12 European Banks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the launch of a euro-backed stablecoin in partnership with the Qivalis consortium, a group of 12 prominent European banks. Scheduled for release in the second half of 2026, this stablecoin 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 introduce a regulated, euro-denominated stablecoin to challenge the dominance of dollar-pegged assets in the market. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin initiative, leveraging production-ready infrastructure that meets MiCAR requirements and seamlessly integrates with existing banking systems.'