Euro Stablecoin Initiative Gains Momentum with Fireblocks and 12 European Banks

Fireblocks, a leading cryptocurrency custody firm, is spearheading the development and distribution of a euro-backed stablecoin in partnership with the Qivalis consortium, comprised of 12 major European banks. Scheduled to launch in the second half of 2026, this regulated stablecoin will be overseen by the Dutch Central Bank and adhere to 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 stablecoin market, by introducing a compliant, euro-pegged alternative. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential, backed by a daily average volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate on a large-scale, compliant euro-backed stablecoin initiative, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'