Euro Stablecoin Initiative Gains Momentum with Fireblocks at the Helm

Fireblocks, a leading cryptocurrency custody firm, is spearheading the development and distribution of a euro-denominated stablecoin, backed by the Qivalis consortium, comprising 12 prominent European banks. The stablecoin, slated 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 consists of Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins are digital currencies pegged to the value of traditional currencies like the euro or dollar. Despite the stablecoin market reaching $305 billion in January 2026, the majority of this volume is dollar-denominated, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge dollar dominance with a regulated, MiCAR-compliant euro stablecoin. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, 'Qivalis showcases how major financial institutions can collaborate to create a compliant, large-scale euro-backed stablecoin with production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'