European Banks Unite to Launch Euro Stablecoin with Fireblocks

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. The stablecoin, set to launch in the second half of 2026, 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 currently account for 99% of the $305 billion market, with a regulated and 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 planning compliant euro-backed stablecoins at scale, with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'