Fireblocks Leads Development of Euro Stablecoin with Consortium of 12 European Banks

A euro-denominated stablecoin is being developed by Fireblocks, a leading cryptocurrency custody firm, in partnership with a consortium of 12 major European banks. The Qivalis consortium, which includes banks such as CaixaBank, Danske Bank, and UniCredit, aims to introduce a regulated euro-backed token in the second half of 2026. This initiative is compliant with the EU's Markets in Crypto-Assets Regulation and is overseen by the Dutch Central Bank. The stablecoin market, currently valued at $305 billion, is predominantly dollar-denominated, with euro-pegged assets accounting for only $650 million. By launching a compliant, euro-backed stablecoin, the Qivalis consortium seeks to challenge the dominance of dollar-denominated stablecoins and 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, the Qivalis project demonstrates the ability of major financial institutions to collaborate on large-scale, compliant stablecoin initiatives that meet regulatory requirements and integrate with existing banking systems.