European banks prepare to launch MiCA-compliant stablecoin
A consortium of 12 European banks led by Qivalis has selected Fireblocks as the infrastructure partner for launching a euro stablecoin compliant with the Markets in Crypto-Assets (MiCA) regulation. The group aims to roll out the product in the second half of 2026, pending approval from the Dutch central bank, De Nederlandsche Bank, under the EU-wide MiCA framework.
Qivalis is a Netherlands-based entity backed by major banks including BBVA, BNP Paribas, ING and UniCredit. According to the release, it plans to issue a fully regulated token backed 1:1 by the euro. The structure will follow an electronic money institution model under the supervision of Dutch regulators, Cointelegraph reports.
The stablecoin is expected to be used primarily in the institutional sector for settlements, treasury management, and tokenized asset operations. Fireblocks will provide tokenization technology, wallet infrastructure, and lifecycle management tools. This will also include compliance features such as identity verification and sanctions screening.
A move away from the dollar
The project comes as European banks and policymakers seek to reduce reliance on dollar-denominated stablecoins in digital payments and settlement systems. At the same time, efforts are accelerating across the region to select partners and build infrastructure for euro-based stablecoin initiatives.
A Fireblocks spokesperson said the project is designed as a “regulated euro-denominated settlement instrument” for European financial institutions. The goal is to avoid dependence on dollar-based alternatives or smaller euro tokens without strong banking backing.
The spokesperson added that the platform will support issuance, custody, treasury management, and payment orchestration. This will allow participating banks to offer clients a compliant euro-denominated digital payment asset across multiple business lines.
The stablecoin trend
Stablecoins have become one of the key segments of the crypto market in recent years. They are used not only for trading but also for payments, transfers, and storing value in digital form. Amid crypto market volatility, stablecoins have emerged as a reliable “safe haven,” especially for institutions and companies operating in the blockchain space.
At the same time, the market remains highly concentrated. The majority of liquidity and volume is dominated by USDT from Tether and USDC from Circle. Despite the emergence of new projects, these two assets continue to serve as the core infrastructure of the crypto economy, pushing banks and regulators to develop their own alternatives, including euro-backed stablecoins.
Notably, stablecoins are increasingly viewed not as speculative instruments, but as practical tools for cross-border payments.
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