A consortium of 12 European banks led by Qivalis has selected Fireblocks to provide the infrastructure for a euro-denominated stablecoin compliant with the EU’s Markets in Crypto-Assets Regulation.
The group is aiming for a launch in the second half of 2026, pending approval from De Nederlandsche Bank. Qivalis—backed by major institutions such as BBVA, BNP Paribas, ING and UniCredit—plans to issue a fully regulated, 1:1-backed euro token under an electronic money institution structure supervised in the Netherlands.
The stablecoin is designed for institutional use cases including settlement, treasury operations and tokenized assets. Fireblocks will supply tokenization technology, wallet infrastructure and lifecycle management tools, along with compliance features such as identity verification and sanctions screening.
A Fireblocks spokesperson described the project as a “regulated euro-native settlement instrument” tailored for European institutions, offering an alternative to dollar-based stablecoins and smaller euro-denominated tokens without strong banking support. The platform is expected to support issuance, custody, treasury management and payment orchestration, enabling banks to deliver compliant euro-based digital payment solutions across multiple business lines.
The initiative reflects broader efforts by European banks and policymakers to reduce reliance on dollar-backed stablecoins. According to DeFiLlama, the global stablecoin market is valued at around $320 billion, with roughly 99% of supply still denominated in US dollars and only a small fraction in euros.
The initiative also follows warnings from the Bank for International Settlements and other regulators that some dollar-backed stablecoins may behave more like investment products than true money, given their reliance on short-term securities.
On Monday, BIS general manager Pablo Hernández de Cos reiterated those concerns, calling for stronger global coordination on stablecoin regulation to manage cross-border risks and close potential oversight gaps.
Earlier this month, Denis Beau, first deputy governor of the Bank of France, urged the European Union to curb the use of non-euro-denominated stablecoins in everyday payments, aiming to reduce regulatory arbitrage during periods of financial stress.
