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.
Qivalis, launched in 2025, is a Netherlands-based venture backed by major banks including BBVA, BNP Paribas, ING and UniCredit, which plans to issue a fully regulated, 1:1-backed euro token structured as an electronic money institution under Dutch supervision. 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.
European banks push euro stablecoin to counter dollar dominance
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.
Stephen Richardson, chief strategy officer and head of banking at 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.
Related: French finance minister backs euro-pegged stablecoins to compete with US
The news also follows warnings from the Bank for International Settlements and other regulators that some dollar stablecoins may function more like investment vehicles than money due to their reliance on short-term securities.
On Monday, BIS general manager Pablo Hernández de Cos repeated that warning, urging for greater global coordination on stablecoin regulation to address cross-border risks and prevent gaps in oversight.
Earlier this month, Bank of France first deputy governor Denis Beau urged the European Union to limit the use of non-euro-denominated stablecoins in everyday payments to reduce regulatory arbitrage in times of stress.
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Author: Christina Comben
