Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-backed stablecoin in partnership with the Qivalis consortium, comprising 12 prominent European banks. Scheduled for release 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 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.
According to Fireblocks' Co-Founder and CEO, Michael Shaulov, this collaboration demonstrates how major financial institutions can work together to develop compliant, large-scale stablecoin solutions that integrate seamlessly with existing banking systems.