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 to launch 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 aims to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion market, with a regulated and compliant euro-pegged offering. According to Fireblocks Co-Founder and CEO Michael Shaulov, the collaboration demonstrates how major financial institutions can work together to develop compliant, large-scale stablecoins that meet MiCAR requirements and integrate with existing banking systems.