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-denominated stablecoin, backed by the Qivalis consortium, comprising 12 prominent European banks. The euro-backed token, slated for release in the second half of 2026, will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The consortium aims to challenge the dominance of dollar-denominated stablecoins with a regulated, MiCAR-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, 'Qivalis showcases how major financial institutions can collaborate to develop compliant euro-backed stablecoins at scale, with production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'