Fireblocks to Launch Euro Stablecoin Backed by 12 European Banks

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. The stablecoin, scheduled for release in the second half of 2026, will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium includes major banks such as CaixaBank, Danske Bank, and UniCredit. With the global stablecoin market valued at $305 billion in January 2026, the Qivalis consortium aims to increase the presence of euro-pegged assets, which currently account for only $650 million. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, the Qivalis project showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin initiative.