Cryptocurrency custody firm Fireblocks has been selected to provide the infrastructure for a new euro-denominated stablecoin, backed by a consortium of twelve major European banks known as Qivalis. The initiative aims to launch a fully regulated, MiCA-compliant token in the second half of 2026, pending approval from the Dutch Central Bank (De Nederlandsche Bank).
The Qivalis consortium includes Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. The stablecoin will be structured as an electronic money institution under Dutch supervision and is designed to be a 1:1 euro-backed token for institutional use cases such as settlement, treasury management, and tokenized assets.
Fireblocks will supply the tokenization technology, wallet infrastructure, and lifecycle management tools, including compliance features like identity verification and sanctions screening. Michael Shaulov, Co-Founder and CEO of Fireblocks, stated the project demonstrates how major financial institutions can collaborate to create a compliant, scalable euro stablecoin that integrates with existing banking systems.
The move is a direct challenge to the overwhelming dominance of dollar-pegged stablecoins, which constitute roughly 99% of the $320 billion global stablecoin market. Euro-denominated stablecoins currently represent only about $650 million. European policymakers and banks are actively seeking to reduce reliance on dollar-based alternatives in digital payments and settlement.
The initiative aligns with regulatory pressures, including warnings from the Bank for International Settlements about the risks of some dollar stablecoins, and calls from officials like the Bank of France's Denis Beau to limit the use of non-euro stablecoins in everyday payments within the EU.
