Qivalis Consortium, in partnership with 12 European banks, is set to launch a euro-pegged stablecoin in the latter half of 2026. The initiative will be managed by custodian service provider Fireblocks and will operate under the oversight of the Dutch Central Bank, adhering to the European Union's Markets in Crypto-Assets Regulation (MiCA). Participating banks include major institutions such as BBVA, BNP Paribas, ING, and UniCredit. The stablecoin market currently stands at approximately $305 billion, with USD-pegged stablecoins dominating 99% of the market. Euro-stablecoins account for about $650 million. Qivalis aims to increase the adoption of euro-stablecoins in institutional settings by offering compliant and regulated products.