Fireblocks, a leading cryptocurrency custody firm, is set to oversee the issuance and distribution of a euro-backed stablecoin, in partnership with 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 Qivalis consortium consists of major financial institutions such as Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins, cryptocurrencies pegged to external references like fiat currencies, have seen significant growth, with the market reaching $305 billion in January 2026.
However, the dominance of dollar-denominated stablecoins is notable, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, MiCAR-compliant euro-backed stablecoin. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant euro-backed stablecoin at scale, with infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'