A group of 12 European banks organized by Qivalis has selected digital-asset custody provider Fireblocks to supply core infrastructure for a euro stablecoin designed to meet the EU’s Markets in Crypto-Assets Regulation (MiCA), according to a release shared with Cointelegraph.
Qivalis’s euro token is targeted at institutional use cases such as settlement, treasury management and tokenized assets. Fireblocks will provide tokenization technology, wallet infrastructure and custody services, along with compliance capabilities including identity verification and sanctions screening.
Founded in 2025 and based in the Netherlands, Qivalis counts major lenders such as BBVA, BNP Paribas, ING and UniCredit among its backers. The venture aims to issue a fully regulated, 1:1‑backed euro token structured as an electronic money institution under Dutch supervision. The consortium is aiming for a second-half 2026 launch, subject to approval from De Nederlandsche Bank and MiCA-related oversight.
The initiative responds to the current dominance of dollar-denominated stablecoins. Data from DeFiLlama shows total stablecoin market capitalization near $320 billion, with roughly 99% of supply denominated in U.S. dollars and only a small share in euros. European banks and corporates are actively choosing partners and infrastructure to accelerate euro stablecoin projects across the region.
Fireblocks’ chief strategy officer and head of banking, Stephen Richardson, said the token is being developed as a regulated euro-native settlement instrument for European institutions, intended to offer an alternative to dollar-based options and to smaller euro tokens that lack comparable banking support.
The push for a euro-backed token comes amid regulatory scrutiny of some dollar stablecoins’ asset mixes. Authorities including the Bank for International Settlements have warned that certain dollar tokens, because of holdings in short-term securities, may behave more like investment instruments than money. BIS general manager Pablo Hernández de Cos has called for greater international coordination on stablecoin rules to address cross-border risks and supervisory gaps.
Denis Beau, first deputy governor of the Bank of France, recently urged the EU to limit the use of non-euro stablecoins for everyday payments, arguing that doing so would reduce regulatory arbitrage and vulnerabilities during periods of stress.
By building a euro-native, bank-backed token and layering custody and compliance tools, the Qivalis group and Fireblocks aim to offer European institutions a regulated payment and settlement option aligned with MiCA and regional supervisory expectations.