Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-backed stablecoin, supported by the Qivalis consortium, comprising 12 prominent European banks. 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 participating banks include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
With the stablecoin market reaching $305 billion in January 2026, the Qivalis consortium aims to introduce a regulated, euro-pegged alternative to the predominantly dollar-denominated market. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'