Fireblocks Partners with 12 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 prominent European banks. The token, slated for release in the second half of 2026, will be regulated by the Dutch Central Bank and comply 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, leveraging the euro's status as the world's second-most traded currency. According to Fireblocks Co-Founder and CEO Michael Shaulov, the project demonstrates how major financial institutions can collaborate to develop compliant, large-scale stablecoin infrastructure that meets MiCAR requirements and integrates with existing banking systems.