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 12 prominent European banks. Scheduled for release in the second half of 2026, the 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 with a regulated, euro-pegged offering, leveraging 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, the Qivalis project showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin with production-ready infrastructure.