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The cryptocurrency custody company Fireblocks is spearheading the launch of a euro-denominated stablecoin. This initiative is backed by a consortium of twelve European banks known as Qivalis and will be regulated by the Dutch Central Bank via its Amsterdam-based operations, ensuring compliance with the EU’s Markets in Crypto-Assets Regulation (MiCAR).
The consortium members include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. The stablecoin is slated for release in the latter half of 2026.
Stablecoins are digital currencies whose values are pegged to an external reference such as fiat currencies like the dollar or euro. As of January 2026, the global stablecoin market had reached $305 billion, with 99% denominated in dollars and only $650 million in euros.
The Qivalis consortium aims to diminish this dollar dominance by introducing a regulated, MiCAR-compliant euro stablecoin, as stated in their press release on Tuesday. The euro ranks as the world’s second-most traded currency, averaging nearly $1.1 trillion daily.
“Qivalis showcases how leading financial institutions can collaborate to develop a compliant euro-backed stablecoin at scale — complete with production-ready infrastructure designed to meet MiCAR standards, handle large institutional volumes, and integrate smoothly with existing banking systems,” remarked Michael Shaulov, Co-Founder and CEO of Fireblocks.