A consortium of 12 European banks led by Qivalis has chosen digital-asset custody provider Fireblocks to supply infrastructure for a euro stablecoin designed to comply with the EU’s Markets in Crypto-Assets Regulation (MiCA), according to a release shared with Cointelegraph.
Qivalis’s euro token is aimed at institutional applications such as settlement, treasury management and tokenized assets. Fireblocks will deliver tokenization technology, wallet infrastructure and custody services, plus compliance tools including identity verification and sanctions screening.
Launched in 2025 and based in the Netherlands, Qivalis is backed by major banks including BBVA, BNP Paribas, ING and UniCredit. The venture plans to issue a fully regulated, 1:1‑backed euro token structured as an electronic money institution under Dutch supervision. The group is targeting a launch in the second half of 2026, subject to approval by De Nederlandsche Bank and MiCA-related oversight.
The initiative responds to the dominance of dollar-denominated stablecoins in the global market. DeFiLlama data show the total stablecoin market capitalization near $320 billion, with roughly 99% of supply tied to the U.S. dollar and only a small portion denominated in euros. European banks and corporates are actively selecting partners and infrastructure to accelerate euro stablecoin projects across the region.
Stephen Richardson, chief strategy officer and head of banking at Fireblocks, said the token is being built as a “regulated euro-native settlement instrument” for European institutions, rather than depending on dollar-based alternatives or smaller euro tokens lacking comparable banking backing.
The push comes amid regulatory concern about some dollar stablecoins’ asset mixes. The Bank for International Settlements and other authorities have warned that certain dollar tokens, due to holdings in short-term securities, may behave more like investment vehicles than money. BIS general manager Pablo Hernández de Cos has urged greater global coordination on stablecoin regulation to manage cross-border risks and close oversight gaps. Denis Beau, first deputy governor of the Bank of France, recently called on the EU to limit use of non-euro stablecoins in everyday payments to reduce regulatory arbitrage during stress.