Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the issuance and distribution of a euro-backed stablecoin, supported by a consortium of 12 major European banks. The Qivalis consortium, comprising banks such as CaixaBank, Danske Bank, and UniCredit, aims to launch the euro-denominated token 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).
With the stablecoin market reaching $305 billion in January 2026, the Qivalis consortium seeks to challenge the dominance of dollar-denominated assets, which account for 99% of the market. The euro, being the second-most traded currency globally with a daily average volume of nearly $1.1 trillion, presents a significant opportunity for the consortium. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate and develop a compliant euro-backed stablecoin at scale, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'