Euro Stablecoin Initiative Gains Momentum with Fireblocks at the Helm

Fireblocks, a leading cryptocurrency custody firm, is spearheading the development and distribution of a euro-backed stablecoin in collaboration with a group of twelve European banks, collectively known as the Qivalis consortium. Scheduled for launch in the latter half of 2026, this euro-denominated stablecoin is regulated by the Dutch Central Bank and adheres to the European Union's Markets in Crypto-Assets Regulation (MiCAR). The consortium's member banks include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins, which are cryptocurrencies pegged to the value of traditional currencies like the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this market is currently dominated by dollar-denominated stablecoins, with euro-pegged assets accounting for a mere $650 million. The Qivalis consortium seeks to challenge this dominance with a compliant, MiCAR-aligned euro-backed stablecoin. As the second-most widely traded currency globally, the euro boasts an average daily trading volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on the development of compliant, euro-backed stablecoins at scale, utilizing production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'