12-bank consortium taps Fireblocks for euro MiCA stablecoin

A consortium led by Qivalis selected Fireblocks to provide the infrastructure for a Markets in Crypto Assets Regulation (MiCA)-compliant, 1:1‑backed euro stablecoin, with a planned launch in the second half of 2026 subject to approval from De Nederlandsche Bank.

Fireblocks will supply tokenization technology, wallet infrastructure, custody and compliance tools, including identity verification and sanctions screening, to support the planned euro token. Qivalis intends the token for institutional use cases such as settlement, treasury management and tokenized assets. The project is being structured as an electronic money institution under Dutch supervision and is designed to be fully regulated and backed one-for-one by euro-denominated assets.

Qivalis, formed in late 2025 and based in Amsterdam, initially brought together nine banks and expanded to a 12-bank consortium under a single governance structure to issue a shared euro-pegged stablecoin. Participating banks include BBVA, BNP Paribas, ING and UniCredit. The consortium requires regulatory approval from De Nederlandsche Bank under the EU MiCA framework before any issuance.

A Fireblocks spokesperson described the initiative as a “regulated euro-native settlement instrument” aimed at European institutions and said the design avoids reliance on dollar-based alternatives or smaller euro tokens without comparable banking backing. Fireblocks will provide the operational and security layers to custody tokens, process transactions and integrate sanctions screening and identity checks to meet regulatory requirements.

Data from DeFiLlama show total stablecoin market capitalization at roughly $320 billion, with about 99% of supply tied to the U.S. dollar and only a small share denominated in euros. European banks and policymakers have accelerated plans for euro-denominated digital cash to reduce dependence on dollar stablecoins for cross-border and domestic digital payments and settlement.

Regulators have raised concerns about asset structures used by some dollar stablecoins. The Bank for International Settlements general manager, Pablo Hernández de Cos, warned that certain dollar stablecoins may function more like investment vehicles than money because of their reliance on short-term securities and called for greater global coordination on stablecoin regulation to address cross-border risks. Denis Beau, first deputy governor of the Bank of France, urged the European Union to limit the use of non-euro-denominated stablecoins in everyday payments to prevent regulatory arbitrage during periods of stress.

Qivalis says the timeline for issuance remains contingent on regulatory review and approval under MiCA before any token can be issued.