European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the launch of a euro-backed stablecoin in partnership with the Qivalis consortium, comprising 12 prominent European banks. Scheduled for release in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium, which includes banks such as CaixaBank, Danske Bank, and UniCredit, aims to introduce a regulated, euro-pegged stablecoin to challenge the dominance of dollar-denominated stablecoins in the market. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, this collaboration demonstrates the ability of major financial institutions to work together in creating compliant, large-scale stablecoins that integrate seamlessly with existing banking systems.