European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the issuance and distribution of a euro-backed stablecoin, supported by the Qivalis consortium, comprising 12 prominent European banks. Scheduled for release in the second half of 2026, this euro-denominated token will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation. The Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins with a regulated, compliant offering, capitalizing on the euro's status as the world's second-most traded currency, with a daily average volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, the Qivalis project showcases how major financial institutions can collaborate to develop compliant, production-ready infrastructure for euro-backed stablecoins, integrating seamlessly with existing banking systems.