12 European Banks Pick Fireblocks for Euro Stablecoin

A consortium of 12 major European banks, led by the Netherlands-based venture Qivalis, has selected digital asset platform Fireblocks to develop infrastructure for a regulated euro-denominated stablecoin, targeting a launch in the second half of 2026. The initiative, structured under the European Union's Markets in Crypto-Assets (MiCA) regulation and pending approval from De Nederlandsche Bank, aims to provide a secure digital alternative for institutional payments and asset management across Europe.

The stablecoin will be issued as an electronic money token, fully backed 1:1 by euro-denominated reserves such as cash or high-quality liquid assets. This design ensures price stability and compliance with MiCA's requirements for licensing, reserve management, transparency, and consumer protection. Participating banks, including BBVA, BNP Paribas, ING, and UniCredit from countries like Spain, France, the Netherlands, and Italy, formed Qivalis to create a shared infrastructure for settlement, treasury operations, and tokenized assets such as bonds and equities.

Fireblocks will supply core technology, including tokenization tools, wallet systems, custody solutions, and compliance...