A consortium of 12 European banks, under an entity dubbed Qivalis, has selected digital asset infrastructure provider, Fireblocks, to support the launch of a Euro-denominated stablecoin compliant with the European Union’s Markets in Crypto-Assets (MiCA) regulation, according to a recently released statement.
The project is being led by Netherlands-based venture, Qivalis, which is backed by major lenders including:
BBVA,
BNP Paribas,
ING and
UniCredit.
The group plans to roll out the stablecoin in the second half of 2026, subject to regulatory approval from the Dutch central bank, De Nederlandsche Bank.
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Fireblocks will provide:
the underlying infrastructure, including
tokenization technology,
custody, and
compliance tooling such as identity verification and sanctions screening,
enabling banks to issue and manage the digital Euro asset within a regulated framework.
The stablecoin is expected to be fully backed on a one-to-one basis and structured under an electronic money institution model, positioning it as a regulated settlement instrument for
payments,
treasury management and
tokenized assets.
The initiative comes as European banks accelerate efforts to develop euro-based digital payment solutions and reduce reliance on dollar-denominated stablecoins, which currently account for the vast majority of the roughly $320 billion global market.
Industry participants say the platform could allow banks to offer clients a compliant, Euro-native digital payment option across multiple business lines, as institutions seek to expand blockchain-based financial services under clearer EU regulation.
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