STABLECOINS | The Upcoming Bank-Backed Euro Stablecoin Selects FireBlocks as the Infrastructure and Compliance Provider

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.

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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