European banks tap Fireblocks for MiCA-compliant euro stablecoin

A consortium of 12 European banks led by Qivalis has selected digital asset custody provider Fireblocks to provide infrastructure for a Markets in Crypto Assets Regulation (MiCA)-compliant euro stablecoin, according to a Tuesday release shared with Cointelegraph.

Qivalis’s stablecoin is intended to support institutional use cases such as settlement, treasury and tokenized assets. Fireblocks said it will provide tokenization technology, wallet infrastructure, custody, and other important tools and features to support compliance, such as identity verification and sanctions screening.

The group says it is targeting a launch in the second half of 2026, subject to approval from the Dutch central bank, De Nederlandsche Bank, under the European Union’s MiCA regulatory framework.

Qivalis, a Netherlands-based venture backed by major banks including BBVA, BNP Paribas, ING and UniCredit, said in the release it plans to issue a fully regulated, 1:1-backed euro token structured as an electronic money institution under Dutch supervision.

The project comes as dollar-denominated stablecoins dominate the global stablecoin market. According to DeFiLlama data, the total global stablecoin market capitalization is around $320 billion, with roughly 99% of supply tied to the US dollar and only a small share denominated in euros.

European banks and policymakers are stepping up efforts to reduce reliance on dollar stablecoins in digital payments and settlement, and European banks and corporates are selecting partners and infrastructure providers to accelerate euro stablecoin initiatives across the region.

Total stablecoin market capitalization. Source: DeFiLlama

A spokesperson from Fireblocks told Cointelegraph that the project is being designed as a “regulated euro-native settlement instrument” for European institutions, rather than relying on dollar-based alternatives or smaller euro tokens without comparable banking backing.