Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the issuance and distribution of a euro-backed stablecoin, supported by a group of 12 prominent European banks. This collaborative effort, known as the Qivalis consortium, aims to introduce a regulated euro-denominated stablecoin in the second half of 2026, compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR) and overseen by the Dutch Central Bank. 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 majority of this volume is dollar-denominated, with euro-pegged assets accounting for only $650 million.
The Qivalis consortium seeks to challenge this dominance with a compliant, MiCAR-regulated euro-backed stablecoin. As the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion, the euro presents a substantial opportunity for growth. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on a large-scale, compliant euro-backed stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and seamlessly integrates with existing banking systems.'