What to know:
- European consortium of 12 banks partners with Fireblocks for MiCA euro stablecoin.
- Project targets institutional settlement, treasury, and tokenized assets use cases.
- The global stablecoin market is $320 billion with 99% USD dominance.
A group of 12 European banks led by Qivalis has selected Fireblocks to build infrastructure for a euro-denominated stablecoin under the Markets in Crypto Assets Regulation, as of April 21, 2026.
A consortium of 12 European banks led by Qivalis has selected Fireblocks to build infrastructure for a euro-denominated stablecoin under the Markets in Crypto Assets Regulation.
Qivalis is leading the project from multiple European organizations, directing the implementation process through the MiCA regulations.
Fireblocks provides tokenization, custody, wallets, ID verification, and sanctions screening tools and ensures that institutional transaction rails are secure. They work together to enhance the interoperability between European digital banks.
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Institutional Focus and 2026 Launch Plan
Qivalis, founded in 2025 in the Netherlands, is backed by institutions like BBVA, BNP Paribas, ING, and UniCredit. This initiative is a milestone in the development of digital currencies.
This project aims to create a 100% regulated 1:1 euro token, licensed as an electronic money institution within the Netherlands.
The launch is expected to take place in the second part of 2026 on the condition that De Nederlandsche Bank gives its approval in accordance with MiCA requirements. The launch will happen after all regulatory procedures have been completed.
This puts Europe ahead in the race toward creating infrastructure for stablecoins in the world economy. It also enhances cooperation between banks and cryptocurrency-infrastructure service providers.
Europe Pushes Back on Dollar Stablecoins
Europe’s policymakers have begun to take steps to reduce the control of stablecoins in the US dollar. Europe is moving forward towards digital currency independence.
According to DefiLlama, the total market value can be placed somewhere near $320 billion, where almost 99% of the supply is dependent on the US dollar.
Both BIS and the Bank of France advise that stablecoins would act like investment products, thus making a need for stringent and coordinated regulation.
It is noteworthy that authorities are still working to ensure that a uniform global regulatory policy is developed. The main issues regulators have emphasized include stability, transparency, and minimizing risks to the system. The move might change cross-border payments in Europe.
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