Fireblocks to Launch Euro Stablecoin with Backing from 12 European Banks

A group of 12 prominent European banks, operating under the Qivalis consortium, has partnered with Fireblocks to introduce a euro-backed stablecoin. Scheduled for release in the second half of 2026, this token will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation. The consortium aims to establish a significant presence in the stablecoin market, which is currently dominated by dollar-denominated assets. With the euro being the second-most traded currency globally, the Qivalis consortium seeks to challenge this dominance with a compliant, euro-pegged offering. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, this project demonstrates the potential for major financial institutions to collaborate on large-scale, compliant stablecoin initiatives that integrate seamlessly with existing banking systems.