STABLECOINS | The Upcoming Bank-Backed Euro Stablecoin Selects FireBlocks as the Infrastructure and Compliance Provider
A consortium of 12 European banks, under an entity dubbed Qivalis, has selected digital asset infrastructure provider, Fireblocks, to support the launch of a Euro-denominated stablecoin compliant with the European Union’s Markets in Crypto-Assets (MiCA) regulation, according to a recently released statement.
The project is being led by Netherlands-based venture, Qivalis, which is backed by major lenders including:
- BBVA,
- BNP Paribas,
- ING and
- UniCredit.
The group plans to roll out the stablecoin in the second half of 2026, subject to regulatory approval from the Dutch central bank, De Nederlandsche Bank.
Fireblocks will provide:
- the underlying infrastructure, including
- tokenization technology,
- custody, and
- compliance tooling such as identity verification and sanctions screening,
enabling banks to issue and manage the digital Euro asset within a regulated framework.
The stablecoin is expected to be fully backed on a one-to-one basis and structured under an electronic money institution model, positioning it as a regulated settlement instrument for
- payments,
- treasury management and
- tokenized assets.
The initiative comes as European banks accelerate efforts to develop euro-based digital payment solutions and reduce reliance on dollar-denominated stablecoins, which currently account for the vast majority of the roughly $320 billion global market.
Industry participants say the platform could allow banks to offer clients a compliant, Euro-native digital payment option across multiple business lines, as institutions seek to expand blockchain-based financial services under clearer EU regulation.
Sign up for BitKE updates for all the stablecoin updates globally
Join our WhatsApp channel here.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
_________________________________________
You May Also Like
Dovish patience with geopolitical risks – TD Securities
Cashing In On University Patents Means Giving Up On Our Innovation Future
