Euro Stablecoin Initiative Gains Momentum with Fireblocks at the Helm

Fireblocks, a leading cryptocurrency custody firm, is set to launch a euro-denominated stablecoin in collaboration with the Qivalis consortium, comprising 12 major European banks. Scheduled for release in the second half of 2026, this euro-backed token will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium includes notable banks such as CaixaBank, Danske Bank, and UniCredit. With the stablecoin market reaching $305 billion in January 2026, the Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins with a regulated, MiCAR-compliant euro-pegged offering. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on a compliant euro-backed stablecoin at scale, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'