Fireblocks, a leading cryptocurrency custody firm, is spearheading the launch 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 regulated token is overseen by the Dutch Central Bank and adheres to the EU's Markets in Crypto-Assets Regulation (MiCAR). The participating banks include 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 market remains dominated by dollar-denominated assets, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a compliant, MiCAR-aligned euro stablecoin. 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 large-scale, compliant euro-backed stablecoins, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'