Overview
- Qivalis, a consortium of 12 European banks, selected Fireblocks on Tuesday to run issuance, custody, tokenization, and compliance for a euro-backed stablecoin.
- The token is planned as a 1:1 euro instrument under MiCAR, the EU’s crypto rulebook, structured as an electronic money institution under Dutch supervision pending approval by De Nederlandsche Bank.
- The group is targeting a launch in the second half of 2026, with rollout to institutions contingent on regulatory clearance.
- Fireblocks says the platform will provide identity checks, sanctions screening, and wallet tools so banks can settle payments, manage treasury, and move tokenized assets.
- The effort aims to grow euro liquidity in a stablecoin market near $300 billion that is roughly 99% tied to the dollar, with backing from banks including BBVA, BNP Paribas, ING, and UniCredit.