European Banking Consortium Partners with Fireblocks for MiCA-Compliant Euro Stablecoin

A consortium of 12 European financial institutions, spearheaded by the Amsterdam-based venture Qivalis, has selected digital asset custody provider Fireblocks to provide the underlying infrastructure for a new euro-denominated stablecoin. The initiative seeks to create a regulated, 1:1 backed electronic money token designed specifically for institutional use cases, including treasury management, asset tokenization, and settlement. The project is backed by several major banking entities, including BNP Paribas, BBVA, ING, and UniCredit. Fireblocks will supply the necessary tokenization technology, wallet infrastructure, and custody services, while integrating essential compliance tools such as identity verification and sanctions screening. This strategic move comes as European policymakers and the Bank for International Settlements (BIS) express concern over the dominance of US dollar-denominated stablecoins. Currently, the global stablecoin market capitalization stands at approximately $320 billion, with roughly 99% of the supply tied to the US dollar. By establishing a native euro instrument, the consortium aims to reduce regulatory arbitrage and systemic reliance on USD-based assets. The consortium is currently seeking approval from De Nederlandsche Bank, the Dutch central bank, to operate as an electronic money institution under the European Union’s Markets in Crypto Assets (MiCA) regulation. Pending this approval, the group targets a full market launch in the second half of 2026.