A 12-bank European consortium led by Qivalis is partnering with Fireblocks to develop a regulated euro stablecoin under MiCA, targeting launch in the second halfA 12-bank European consortium led by Qivalis is partnering with Fireblocks to develop a regulated euro stablecoin under MiCA, targeting launch in the second half

European banks tap Fireblocks for MiCA-compliant euro stablecoin

2026/04/21 16:01
3분 읽기
이 콘텐츠에 대한 의견이나 우려 사항이 있으시면 crypto.news@mexc.com으로 연락주시기 바랍니다

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.

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.

Qivalis, a Netherlands-based venture backed by major banks including BBVA, BNP Paribas, ING and UniCredit, said in the release it plans to issue a fully regulated, 1:1-backed euro token structured as an electronic money institution under Dutch supervision. 

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.

Banks, Euro, European Union, Stablecoin, MiCATotal stablecoin market capitalization. Source: DeFiLlama

A spokesperson from 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.

Qivalis was established in late 2025 as an Amsterdam-based joint venture for an electronic money institution license, bringing together nine and then 12 European banks under a single governance structure to issue a shared euro-pegged stablecoin.

Related: French finance minister backs euro-pegged stablecoins to compete with US

European banks push euro stablecoin to counter dollar dominance

The initiative 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.

Magazine: Singapore isn’t a ‘crypto hub’ — it’s something better: StraitsX CEO

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
  • #Banks
  • #Euro
  • #European Union
  • #Stablecoin
  • #MiCA
  • #Industry
시장 기회
TAP Protocol 로고
TAP Protocol 가격(TAP)
$0.503
$0.503$0.503
+8.12%
USD
TAP Protocol (TAP) 실시간 가격 차트
면책 조항: 본 사이트에 재게시된 글들은 공개 플랫폼에서 가져온 것으로 정보 제공 목적으로만 제공됩니다. 이는 반드시 MEXC의 견해를 반영하는 것은 아닙니다. 모든 권리는 원저자에게 있습니다. 제3자의 권리를 침해하는 콘텐츠가 있다고 판단될 경우, crypto.news@mexc.com으로 연락하여 삭제 요청을 해주시기 바랍니다. MEXC는 콘텐츠의 정확성, 완전성 또는 시의적절성에 대해 어떠한 보증도 하지 않으며, 제공된 정보에 기반하여 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다. 본 콘텐츠는 금융, 법률 또는 기타 전문적인 조언을 구성하지 않으며, MEXC의 추천이나 보증으로 간주되어서는 안 됩니다.

USD1 Genesis: 0 Fees + 12% APR

USD1 Genesis: 0 Fees + 12% APRUSD1 Genesis: 0 Fees + 12% APR

New users: stake for up to 600% APR. Limited time!