European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-denominated stablecoin, backed by a consortium of 12 prominent European banks. The Qivalis consortium, comprising banks such as CaixaBank, Danske Bank, and UniCredit, aims to introduce a regulated, EU-compliant stablecoin in the second half of 2026, under the supervision of the Dutch Central Bank. This euro-backed token will be compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR), marking a significant step towards challenging the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion stablecoin market. With the euro being the second-most traded currency globally, the Qivalis consortium seeks to capitalize on this opportunity, providing a compliant and scalable solution that integrates seamlessly with existing banking systems.