Fireblocks to Launch Euro Stablecoin with Backing from 12 European Banks

Fireblocks, a leading cryptocurrency custody firm, is spearheading the development of a euro-backed stablecoin in partnership with the Qivalis consortium, comprising 12 prominent European banks. Scheduled for launch 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 challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion market, by introducing a regulated and compliant euro-pegged alternative. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential, leveraging Fireblocks' production-ready infrastructure to meet MiCAR requirements and facilitate seamless integration with existing banking systems.