A consortium of 12 major European banks led by Qivalis has chosen digital asset firm Fireblocks to build infrastructure for a regulated euro stablecoin. The project aims to launch in the second half of 2026, pending approval from Dutch regulators under the EU’s MiCA framework, to counter the overwhelming dominance of dollar-based stablecoins in the global market.
A banking consortium led by Qivalis has selected Fireblocks to provide the infrastructure for a euro stablecoin compliant with the Markets in Crypto Assets Regulation. The stablecoin is intended for institutional use cases like settlement and tokenized assets.
Fireblocks will supply tokenization technology, wallet infrastructure, and compliance tools such as identity verification. The group targets a launch in the second half of 2026, subject to approval from the Dutch central bank.
Qivalis plans to issue a fully regulated, 1:1-backed euro token structured as an electronic money institution. The Netherlands-based venture is backed by major banks including BBVA, BNP Paribas, ING, and UniCredit.
The project emerges as dollar-denominated stablecoins dominate the global market. Data shows the total stablecoin market capitalization is around $320 billion, with roughly 99% tied to the U.S. dollar.
European banks and policymakers are increasing efforts to reduce reliance on dollar stablecoins in digital payments. This initiative accelerates euro stablecoin projects across the region.
A Fireblocks spokesperson described the project as a “regulated euro-native settlement instrument” for European institutions. The goal is to avoid reliance on dollar-based alternatives or smaller euro tokens without comparable banking backing.
The initiative follows warnings from the Bank for International Settlements about some dollar stablecoins functioning more like investment vehicles. Regulators have urged greater global coordination on stablecoin oversight.
Earlier this month, a Bank of France official urged the EU to limit non-euro stablecoins in everyday payments. This aims to reduce regulatory arbitrage during periods of financial stress.
