Euro Stablecoin Initiative Gains Momentum with Fireblocks at the Helm

Fireblocks, a leading cryptocurrency custody firm, has been entrusted with the issuance and distribution of a euro-denominated stablecoin, backed by the Qivalis consortium, comprising 12 major European banks. Scheduled to launch in the second half of 2026, this euro-backed token is regulated by the Dutch Central Bank and complies with 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, with a mere $650 million representing euro-pegged assets. As the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion, the euro is poised to play a significant role in the stablecoin market. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'