A European banking consortium, Qivalis, comprising Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit, has partnered with Fireblocks to launch a euro-backed stablecoin. Scheduled for release in the second 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 Qivalis consortium seeks to tap into the vast potential of the euro, the world's second-most traded currency, by introducing a regulated and compliant euro-pegged stablecoin. This move aims to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion stablecoin market.
According to Fireblocks' Co-Founder and CEO, Michael Shaulov, the Qivalis initiative showcases the ability of major financial institutions to collaborate on a large-scale, compliant euro-backed stablecoin project, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.