Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-backed stablecoin on behalf of 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 introduce a regulated, euro-pegged stablecoin to challenge the dominance of dollar-denominated assets in the stablecoin market, which reached $305 billion in January 2026.
With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases how major financial institutions can collaborate to develop compliant, euro-backed stablecoins at scale, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'