A consortium of 12 European banks led by Qivalis has chosen digital asset custody supplier Fireblocks to supply infrastructure for a Markets in Crypto Belongings Regulation (MiCA)-compliant euro stablecoin, in line with a Tuesday launch shared with Cointelegraph.
Qivalis’s stablecoin is meant to help institutional use cases reminiscent of settlement, treasury and tokenized property. Fireblocks stated it’s going to present tokenization know-how, pockets infrastructure, custody, and different necessary instruments and options to help compliance, reminiscent of id verification and sanctions screening.
The group says it’s focusing on a launch in the second half of 2026topic to approval from the Dutch central financial institution, De Nederlandsche Financial institution, beneath the European Union’s MiCA regulatory framework.
Qivalis, a Netherlands-based enterprise backed by main banks together with BBVA, BNP Paribas, ING and UniCredit, stated within the launch it plans to concern a completely regulated, 1:1-backed euro token structured as an digital cash establishment beneath Dutch supervision.
The mission comes as dollar-denominated stablecoins dominate the worldwide stablecoin market. In accordance with DeFiLlama datathe whole international stablecoin market capitalization is round $320 billion, with roughly 99% of provide tied to the US greenback and solely a small share denominated in euros.
European banks and policymakers are stepping up efforts to cut back reliance on greenback stablecoins in digital funds and settlement, and European banks and corporates are selecting partners and infrastructure providers to speed up euro stablecoin initiatives throughout the area.
A spokesperson from Fireblocks advised Cointelegraph that the mission is being designed as a “regulated euro-native settlement instrument” for European establishments, somewhat than counting on dollar-based options or smaller euro tokens with out comparable banking backing.
Qivalis was established in late 2025 as an Amsterdam-based three way partnership for an digital cash establishment license, bringing collectively 9 after which 12 European banks beneath a single governance construction to concern a shared euro-pegged stablecoin.
Associated: French finance minister backs euro-pegged stablecoins to compete with US
European banks push euro stablecoin to counter greenback dominance
The initiative additionally follows warnings from the Financial institution for Worldwide Settlements and different regulators that some greenback stablecoins could operate extra like funding autos than cash attributable to their reliance on short-term securities.
On Monday, BIS basic supervisor Pablo Hernández de Cos repeated that warning, urging for greater global coordination on stablecoin regulation to deal with cross-border dangers and forestall gaps in oversight.
Earlier this month, Financial institution of France first deputy governor Denis Beau urged the European Union to restrict the usage of non-euro-denominated stablecoins in on a regular basis funds to cut back regulatory arbitrage in instances of stress.
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