European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is spearheading the issuance and distribution of a euro-backed stablecoin in partnership with the Qivalis consortium, comprising 12 major European banks. Scheduled for launch in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The consortium aims to introduce a regulated, euro-pegged stablecoin to challenge the dominance of dollar-denominated assets in the stablecoin market, which reached $305 billion in January 2026. With the euro being the second-most traded currency globally, the Qivalis consortium seeks to capitalize on this opportunity, leveraging Fireblocks' production-ready infrastructure to meet MiCAR requirements and integrate seamlessly with existing banking systems.