Fireblocks, a leading cryptocurrency custody firm, is facilitating the launch of a euro-backed stablecoin, supported by the Qivalis consortium, comprising 12 prominent European banks. Scheduled for release in the latter half of 2026, this token is regulated by the Dutch Central Bank and adheres to 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 reached a market size of $305 billion as of January 2026, with the vast majority being dollar-denominated. The Qivalis consortium seeks to challenge this dominance with a compliant, euro-pegged offering. As the world's second-most traded currency, 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, complete with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and seamlessly integrates with existing banking systems.'