Euro Stablecoin Initiative Gains Momentum with Fireblocks at the Helm

Fireblocks, a leading cryptocurrency custody firm, is spearheading the launch of a euro-denominated stablecoin in partnership with the Qivalis consortium, comprising Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. 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 aims to challenge the dominance of dollar-denominated stablecoins, which account for 99% of the $305 billion market, by introducing a regulated and compliant euro-pegged offering. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its daily average 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 a compliant euro-backed stablecoin at scale, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'