Qivalis, a consortium of twelve major European banks created to launch a euro-backed stablecoin, has picked Fireblocks as its core infrastructure partner to power the MiCAR-compliant offering scheduled for the second half of 2026. Fireblocks will provide its end-to-end platform - including tokenization and treasury management capabilities - to enable secure issuance, distribution, and lifecycle management of the euro-denominated stablecoin.

Scheduled for launch in the second half of 2026, the euro-backed stablecoin will be supported by twelve leading European banks: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. The offering is subject to authorization by De Nederlandsche Bank (Dutch Central Bank) through Amsterdam-based Qivalis, ensuring full compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR).

Despite the stablecoin market reaching $305 billion in January 2026, 99% remains dollar-denominated, with euro-pegged assets representing just $650 million. The consortium aims to challenge this dollar dominance with a regulated, MiCAR-compliant offering designed to become a trusted European payment standard, capturing institutional flows that have lacked a regulated euro alternative.

Fireblocks will provide the technology infrastructure to issue and secure the stablecoin using its institutional-grade tokenization engine and ERC-20F standard, designed specifically for the permissioned access, compliance controls, and audit-ready reporting that regulation required. The platform supports MiCAR compliance through built-in governance controls, operational resilience features, and direct integration of AML/KYC, sanctions screening, and fraud monitoring into transaction workflows - ensuring regulatory alignment without compromising operational efficiency.

"European banks now have both the regulatory framework and the institutional-grade infrastructure needed to scale stablecoins across the market," said Michael Shaulov, Co-Founder and CEO of Fireblocks. "Qivalis demonstrates how major financial institutions can work together to plan a compliant euro-backed stablecoins at scale - with production-ready infrastructure that will meet MiCAR requirements, handle institutional volumes, and integrate seamlessly with existing banking systems. Fireblocks is purpose-built to power initiatives like this, giving banks the security, compliance controls, and operational capabilities required to bring regulated euro stablecoins to life."

The infrastructure will give each member bank the opportunity to offer custody, wallet services, and payment orchestration directly to their clients if they choose, allowing institutions to capture new revenue opportunities. Fireblocks' multi-institution architecture supports this consortium model with granular permission controls and role-based governance that meet institutional security and compliance standards.