Fireblocks, a leading cryptocurrency custody firm, is spearheading the issuance and distribution of a euro-backed stablecoin, backed by the Qivalis consortium, comprising 12 prominent European banks. Scheduled for launch in the second half of 2026, this euro-denominated token will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion market, with a regulated and compliant euro-pegged offering.
With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its 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 euro-backed stablecoin at scale, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'