Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-backed stablecoin on behalf of the Qivalis consortium, a group of 12 prominent European banks. Scheduled to launch in the second half of 2026, the stablecoin 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 introduce a euro-pegged alternative to the predominantly dollar-denominated stablecoin market, which reached $305 billion in January 2026. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, the Qivalis project showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin initiative, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.