Fireblocks, a leading cryptocurrency custody firm, is spearheading the development and distribution of a euro-backed stablecoin in partnership with the Qivalis consortium, comprising 12 major European banks. Scheduled for launch in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and compliant 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 the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026.
However, the euro-pegged sector currently lags behind, representing only $650 million of this volume. The Qivalis consortium aims to challenge dollar dominance with a regulated, compliant euro-backed stablecoin offering. According to Fireblocks Co-Founder and CEO Michael Shaulov, 'Qivalis showcases how major financial institutions can collaborate to create compliant, large-scale euro-backed stablecoins with infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'