Fireblocks Spearheads Euro Stablecoin Initiative with 12 Top Banks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the launch of a euro-backed stablecoin in collaboration with a consortium of 12 European banks, known as Qivalis. 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, consisting of major banks such as Banca Sella, BBVA, and UniCredit, aims to introduce a regulated, euro-denominated stablecoin to the market. Stablecoins, cryptocurrencies pegged to external references like fiat currencies, have seen significant growth, with the market reaching $305 billion in January 2026. However, the market remains predominantly dollar-denominated, with euro-pegged assets accounting for only $650 million. The Qivalis consortium seeks to challenge this dominance with a compliant, MiCAR-regulated offering. As the second-most traded currency globally, the euro has a 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, with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'