European Banks Partner With Fireblocks to Launch MiCA-Compliant Euro Stablecoin by 2026

A consortium of 12 European banks led by Netherlands based Qivalis has partnered with Fireblocks to build infrastructure for a MiCA compliant euro stablecoin. The group aims to launch the digital currency in the second half of 2026, pending regulatory approval from De Nederlandsche Bank under the European Union’s Markets in Crypto Assets Regulation framework.

Qivalis, backed by major European financial institutions including BBVA, BNP Paribas, ING and UniCredit, plans to structure the stablecoin as a fully regulated electronic money token backed 1:1 with euro reserves. The project is designed to support institutional applications such as treasury operations, settlement services and tokenized asset transactions.

Fireblocks will supply the core technology behind the initiative, including tokenization systems, wallet infrastructure and lifecycle management tools. The platform will also integrate compliance features such as identity verification and sanctions screening to meet strict regulatory standards.

Euro Stablecoin Push Reflects Effort to Reduce Dollar Dependence

The initiative highlights a broader effort by European banks and policymakers to strengthen the role of euro-denominated digital payments and reduce reliance on US dollar-based stablecoins. Currently, the global stablecoin market is valued at around $320 billion, with nearly all circulating supply linked to the US dollar.

Officials across Europe have increasingly emphasized the need for regulated euro-native digital assets capable of supporting cross border transactions and institutional settlement. Regulators have also warned that some dollar-backed stablecoins behave more like investment products due to their reliance on short-term securities.

The proposed euro stablecoin is expected to provide issuance, custody and payment orchestration capabilities, enabling participating banks to deliver compliant digital payment solutions across multiple financial services.

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