Fireblocks, a cryptocurrency custody firm, is overseeing the issuance and distribution of a euro-backed stablecoin, supported by the Qivalis consortium, comprising twelve prominent European banks. Scheduled for release in the second half of 2026, this euro-denominated token is regulated by the Dutch Central Bank and adheres to the EU's Markets in Crypto-Assets Regulation (MiCAR).
The consortium includes major banks such as CaixaBank, Danske Bank, and UniCredit. With the stablecoin market reaching $305 billion in January 2026, the Qivalis consortium aims to challenge the dominance of dollar-denominated assets with a compliant, euro-pegged offering. As the second-most traded currency globally, the euro has a daily average volume of nearly $1.1 trillion.
According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'