EMBARGO: APRIL 21, 2026 at 9:00 a.m. BST (UK)
Cryptocurrency custody company Fireblocks manages 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 for release in the second half of 2026, is regulated by the Dutch Central Bank through Amsterdam-based Qivalis and complies with the EU Markets in Crypto-Assets 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 whose values are 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 remains dollar-denominated, with euro-pegged assets accounting 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 published on Tuesday. The euro is the second most traded currency in the world, accounting for an average daily volume of nearly $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 seamlessly integrate with existing banking systems,” said Michael Shaulov, co-founder and CEO of Fireblocks.
