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 participating banks include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, 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, euro-pegged offering. According to Fireblocks Co-Founder and CEO Michael Shaulov, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin with production-ready infrastructure that meets MiCAR requirements and seamlessly integrates with existing banking systems.'