Twelve European banks, led by Qivalis, have chosen Fireblocks to build the infrastructure for a Markets in Crypto Assets Regulation (MiCA)-compliant euro stablecoin. The group aims for a second-half 2026 launch, pending Dutch central bank approval.
Qivalis, backed by major institutions like BBVA, BNP Paribas, ING, and UniCredit, plans to issue a fully regulated, 1:1-backed euro token under Dutch supervision. This stablecoin is designed for institutional use cases, including settlement, treasury, and tokenized assets.
Fireblocks will provide tokenization technology, wallet infrastructure, and lifecycle management tools, incorporating features for compliance such as identity verification and sanctions screening.
This initiative aligns with European efforts to decrease reliance on dollar-denominated stablecoins in digital payments and settlement. The project seeks to establish a regulated, euro-native settlement instrument for European institutions, avoiding reliance on dollar-based alternatives or less substantial euro tokens.
Globally, the stablecoin market is valued at approximately $320 billion, with nearly all supply tied to the US dollar. This euro stablecoin aims to shift that balance.
The move also follows warnings from the Bank for International Settlements (BIS) regarding the potential for some dollar stablecoins to function more like investment vehicles than money.