Euro Stablecoin Initiative Gains Momentum with Fireblocks at the Helm

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 prominent 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 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 represented by euro-pegged assets. With the euro being the second-most traded currency globally, handling nearly $1.1 trillion in daily average volume, this initiative seeks to establish a regulated, MiCAR-compliant euro-backed stablecoin. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on planning compliant euro-backed stablecoins at scale, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'