Fireblocks, a renowned cryptocurrency custody firm, is spearheading the launch of a euro-denominated stablecoin, backed by a coalition of twelve European banks known as the Qivalis consortium. Scheduled for release in the latter half of 2026, this euro-backed token is regulated by the Dutch Central Bank through Amsterdam-based Qivalis and adheres to the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium is comprised of Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins are digital currencies whose values are tied to external references such as the euro, dollar, and other fiat currencies.
As of January 2026, the stablecoin market reached $305 billion, with a staggering 99% of this volume being dollar-denominated, leaving euro-pegged assets at a mere $650 million. The Qivalis consortium aims to challenge the dominance of the dollar with a regulated, MiCAR-compliant offering. The euro, being the second-most traded currency globally, accounts for a daily average volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases how major financial institutions can collaborate to develop compliant euro-backed stablecoins on a large scale – with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'