Fireblocks, a leading cryptocurrency custody firm, is spearheading the launch of a euro-backed stablecoin in partnership with the Qivalis consortium, comprising Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Scheduled for release 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 Qivalis consortium aims to tap into the vast potential of the euro, the world's second-most traded currency, and challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion stablecoin market. 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, leveraging production-ready infrastructure that meets MiCAR requirements and seamlessly integrates with existing banking systems.'