Fireblocks, a leading cryptocurrency custody firm, is set to launch a euro-denominated stablecoin in partnership with the Qivalis consortium, comprising 12 prominent European banks. The stablecoin, scheduled for release in the second half of 2026, 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 regulated, euro-pegged stablecoin to challenge the dominance of dollar-denominated assets in the market. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential, backed by a daily average volume of nearly $1.1 trillion. 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 stablecoin initiative, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.