Cryptocurrency custody agency Fireblocks is dealing with the issuance and distribution of a euro-denominated stablecoin, backed by a gaggle of twelve European banks, referred to as the Qivalis consortium.
The euro-backed token, scheduled for launch within the second half of 2026, is regulated by the Dutch Central Financial institution via Amsterdam-based Qivalis and is compliant with the EU’s Markets in Crypto-Property Regulation (MiCAR).
The Qivalis consortium is made up of: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Financial institution, DekaBank, DZ BANK, ING, KBC, Raiffeisen Financial institution Worldwide, SEB, and UniCredit.
Stablecoins are cryptocurrencies with values pegged to an exterior reference such because the greenback, euro and different fiat currencies. The stablecoin market hit $305 billion in January 2026, however 99% of that quantity stays dollar-denominated, with euro-pegged property representing simply $650 million.
The Qivalis consortium goals to problem this greenback dominance with a regulated, MiCAR-compliant providing, in response to a press launch on Tuesday. The euro is the second-most traded foreign money on the planet, accounting for a day by day common quantity of practically $1.1 trillion.
“Qivalis demonstrates how main monetary establishments can work collectively to plan a compliant euro-backed stablecoins at scale – with production-ready infrastructure that may meet MiCAR necessities, deal with institutional volumes, and combine seamlessly with present banking techniques,” mentioned Michael Shaulov, Co-Founder and CEO of Fireblocks.
