Euro Stablecoin Gets Backing from 12 European Banks, Fireblocks to Facilitate Launch

Fireblocks, a leading cryptocurrency custody firm, has been entrusted with the issuance and distribution of a euro-backed stablecoin, supported by a group of 12 prominent European banks. This euro-denominated token, slated for release in the latter half of 2026, is regulated by the Dutch Central Bank and adheres to the EU's Markets in Crypto-Assets Regulation (MiCAR). The participating banks, collectively known as the Qivalis consortium, aim to introduce a compliant and regulated euro-pegged stablecoin to the market, which is currently dominated by dollar-denominated assets. With the euro being the second-most traded currency globally, the Qivalis consortium seeks to challenge the existing dollar dominance in the stablecoin market, which reached a volume of $305 billion in January 2026.