EMBARGOED: APRIL 21, 2026 at 9:00 am BST (UK)
Cryptocurrency custody company Fireblocks is responsible for the issuance and distribution of a euro-denominated stablecoin, backed by a group of twelve European banks, known as the Qivalis consortium.
The euro-backed token, scheduled to launch in the second half of 2026, is regulated by the Dutch Central Bank through Amsterdam-based Qivalis and complies with the EU’s Crypto Asset Markets Regulation (MiCAR).
The Qivalis consortium is made up of: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB and UniCredit.
Stablecoins are cryptocurrencies with values linked to an external reference such as the dollar, euro and other fiat currencies. The stablecoin market reached $305 billion in January 2026, but 99% of that volume is still denominated in dollars, and euro-pegged assets account for just $650 million.
The Qivalis consortium aims to challenge this dollar dominance with a regulated and MiCAR-compliant offering, according to a press release on Tuesday. The euro is the second most traded currency in the world, representing an average daily volume of almost $1.1 trillion.
“Qivalis demonstrates how leading financial institutions can work together to plan compliant euro-backed stablecoins at scale, with production-ready infrastructure that will meet MiCAR requirements, handle institutional volumes, and integrate seamlessly with existing banking systems,” said Michael Shaulov, co-founder and CEO of Fireblocks.
