European Banks Partner with Fireblocks on MiCA-Compliant Euro Stablecoin
A consortium of 12 European banks has selected Fireblocks to build the infrastructure for a MiCA-compliant euro stablecoin. The Qivalis venture, backed by major institutions including BBVA, BNP Paribas, ING, and UniCredit, plans to issue a fully regulated, 1:1-backed euro token under Dutch supervision.
The stablecoin will be designed primarily for institutional use, including settlement, treasury operations, and tokenized asset transactions. Fireblocks will supply tokenization technology, wallet infrastructure, and custody services, along with compliance tools covering identity verification and sanctions screening.
The Qivalis initiative sits within a wider push by European banks to position regulated euro tokens as a credible alternative to dollar-dominant stablecoins in institutional finance. The project's target launch is the second half of 2026, pending approval from Dutch regulators under the European Union's Markets in Crypto Assets Regulation framework.