Euro Stablecoin Initiative Led by Fireblocks Gains Momentum

Fireblocks, a leading cryptocurrency custody firm, is spearheading the launch of a euro-denominated stablecoin in collaboration with the Qivalis consortium, a group of twelve major European banks. 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 introduce a regulated, MiCAR-compliant stablecoin to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion stablecoin market. With the euro being the second-most traded currency globally, the Qivalis consortium seeks to capitalize on its potential. As noted by Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of 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.'