Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the issuance and distribution of a euro-backed stablecoin, supported by the Qivalis consortium, comprising twelve major European banks. The stablecoin, slated for release 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 with a regulated, euro-pegged offering, capitalizing on the euro's status as the world's second-most traded currency, with a daily average volume of nearly $1.1 trillion.
According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on compliant, large-scale euro-backed stablecoins, leveraging production-ready infrastructure that meets MiCAR requirements and seamlessly integrates with existing banking systems.'