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Qivalis, a consortium comprising twelve major European banks, has selected Fireblocks as its fundamental infrastructure partner. This collaboration aims to power the consortium's forthcoming MiCAR-compliant euro-backed stablecoin, which is scheduled for launch in the second half of 2026.
Fireblocks will supply its comprehensive platform, encompassing tokenisation and treasury management capabilities, to facilitate the secure issuance, distribution, and lifecycle management of the euro-denominated stablecoin.
The euro-backed stablecoin, anticipated for release in 2026, will be supported by a dozen prominent European banks, including Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. The offering requires authorisation by De Nederlandsche Bank, the Dutch Central Bank, through Amsterdam-based Qivalis, thereby ensuring full adherence to the EU's Markets in Crypto-Assets Regulation, or MiCAR.
Despite the stablecoin market reaching a valuation of $305 billion in January 2026, a significant 99% of this market remains dollar-denominated. Euro-pegged assets currently represent only $650 million. The Qivalis consortium intends to address this dollar dominance with a regulated, MiCAR-compliant offering, designed to establish a trusted European payment standard and attract institutional flows that have previously lacked a regulated euro alternative. For a broader perspective on market dynamics, readers can explore our stablecoin comparison.
Fireblocks will provide the technological infrastructure for issuing and securing the stablecoin, utilising its institutional-grade tokenisation engine and ERC-20F standard. This standard is specifically engineered for the permissioned access, compliance controls, and audit-ready reporting mandated by regulation. The platform is designed to support MiCAR compliance through integrated governance controls, operational resilience features, and direct incorporation of AML/KYC, sanctions screening, and fraud monitoring into transaction workflows. This approach ensures regulatory alignment without compromising operational efficiency.
Michael Shaulov, Co-Founder and CEO of Fireblocks
Michael Shaulov, Co-Founder and CEO of Fireblocks commented:
European banks now have both the regulatory framework and the institutional-grade infrastructure needed to scale stablecoins across the market. 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 empower each member bank to offer custody, wallet services, and payment orchestration directly to their clients, should they choose to do so. This presents an opportunity for institutions to capture new revenue streams. Fireblocks' multi-institution architecture supports this consortium model with granular permission controls and role-based governance, meeting institutional security and compliance standards. For institutions interested in digital asset safekeeping, understanding institutional crypto custody solutions is vital.
Jan Sell, CEO at Qivalis
Jan Sell, CEO at Qivalis commented:
Europe needs a regulated euro-backed stablecoin option backed by trusted financial institutions. Fireblocks' platform gives us the security, compliance controls, and operational infrastructure to deliver exactly that, enabling our member banks to offer clients a true European alternative for digital cross-border settlement.
Stablecoin transaction volumes saw a substantial increase, surging to $11 trillion in Q4 2025 alone, bringing the full-year 2025 total to $33 trillion; a 75% year-over-year increase. The Qivalis platform is poised to enable member banks to capitalise on this escalating demand by integrating 24/7 cross-border settlement of financial instruments and cryptocurrencies, programmable payment capabilities, and treasury operations into corporate banking, trade finance, and securities settlement services. These offerings are designed to attract institutional capital, much like the role played by firms that supply market depth in traditional markets.
This strategic move by Qivalis and Fireblocks underscores a significant trend in the financial sector: the increasing institutional adoption of digital assets and the demand for robust, regulated infrastructure. For firms involved in prime of prime services, `institutional fx` and those seeking crypto prime brokerages solutions, the development of MiCAR-compliant euro stablecoins represents a pivotal shift in how liquidity is managed and accessed in digital markets. As the landscape evolves, understanding the underlying technology and regulatory frameworks becomes crucial for all market participants.
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