Fireblocks, a leading cryptocurrency custody firm, has partnered with the Qivalis consortium, comprising 12 prominent European banks, to issue and distribute a euro-denominated stablecoin. Scheduled for release in the second half of 2026, this euro-backed token is regulated by the Dutch Central Bank and complies 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, cryptocurrencies pegged to external references like fiat currencies, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this volume is dollar-denominated, with euro-pegged assets accounting for only $650 million.
The Qivalis consortium aims to challenge this dominance with a regulated, compliant 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 how major financial institutions can collaborate to develop compliant, large-scale euro-backed stablecoins with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'