Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the issuance and distribution of a euro-backed stablecoin, supported by the Qivalis consortium, comprising 12 prominent European banks. Scheduled for launch in the latter half of 2026, this stablecoin will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The participating banks include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
Stablecoins, which are cryptocurrencies pegged to external references like fiat currencies, have seen significant growth, with the market reaching $305 billion in January 2026. However, the majority of this volume is dominated by dollar-denominated stablecoins, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, MiCAR-compliant euro-backed stablecoin.
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 ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'