European Banks Unite to Launch 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 twelve major European banks. The stablecoin, slated for release in the second half of 2026, will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins, which account for 99% of the $305 billion market, by introducing a regulated, euro-pegged alternative. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential, leveraging Fireblocks' expertise to create a compliant, production-ready infrastructure that integrates seamlessly with existing banking systems.