Twelve European Banks Back Fireblocks to Build a MiCA-Compliant Euro Stablecoin, and It Could Reshape the Tokenised Finance Landscape
Updated: 4 days ago
For years, the stablecoin market has been a dollar story. Of the $305 billion in stablecoins in circulation as of January 2026, over 99% are denominated in US dollars. That asymmetry is not just a currency statistic. It is a structural risk for European financial markets, a competitive disadvantage for EU-based institutions, and a potential sovereignty problem for European regulators.
A consortium of twelve of Europe's largest banks just decided to do something about it. The announcement, confirmed by Fireblocks and the Qivalis consortium on 21 April 2026, represents one of the most significant infrastructure moves in tokenised finance this year, and a direct consequence of the regulatory clarity that MiCA has now delivered.
What Happened
Twelve major European banks (including BBVA, BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, DekaBank, DZ BANK, KBC, Raiffeisen Bank International, SEB, and Banca Sella) have selected Fireblocks to provide the technology backbone for a new MiCA-compliant euro-denominated stablecoin.
The consortium, operating under the name Qivalis, is incorporated in Amsterdam. It plans to operate as an electronic money institution (EMI) under Dutch financial supervision. Qivalis has applied to De Nederlandsche Bank (DNB), the Netherlands' central bank, for the required authorisation under MiCA and is awaiting approval. The target launch is H2 2026, pending regulatory sign-off.
Fireblocks' role spans tokenisation technology, wallet infrastructure, custody services, and compliance tooling including identity verification and sanctions screening. The stablecoin will be 1:1 backed by euros held in reserve.
Why Fireblocks?
Fireblocks has established itself as the institutional-grade infrastructure layer for digital asset operations, with over 1,500 financial institutions now on its platform. Its February 2026 integration with the Canton Network, the privacy-enabled blockchain network designed specifically for regulated financial institutions, demonstrated its commitment to compliant, enterprise-ready infrastructure. For a consortium of conservative European banks, Fireblocks represents a credible, battle-tested choice rather than a speculative bet.
The Euro Stablecoin Gap
Euro-pegged stablecoins currently represent just $650 million of the $305 billion total stablecoin market, less than 0.2%. This creates real friction for European institutions settling cross-border transactions, managing treasury operations in digital form, or participating in tokenised asset markets dominated by dollar-denominated instruments.
A regulated, bank-backed euro stablecoin would change that picture. It would provide European institutions with a native settlement currency for on-chain transactions, one that doesn't require first converting to USDC or USDT.
What This Means for Tokenised Finance
A Qivalis euro stablecoin would not simply be a payment tool. It would become the settlement layer for tokenised European assets: collateral in tokenised bond markets, a settlement mechanism for tokenised fund transactions, and a baseline currency for institutional on-chain operations within the EU. The timing is deliberate.
MiCA has been in full effect since late 2024, and European financial institutions now have a clear regulatory framework for issuing and operating stablecoins. Qivalis represents the first major institutional coalition to take advantage of that clarity at scale. Compare this to the US, where dollar stablecoins have flourished in a regulatory vacuum, and it becomes clear that Europe is attempting something different: building regulated stablecoin infrastructure from the top down, with established banks as the anchor institutions rather than crypto-native issuers.
For UK Founders and Investors
The UK published its own unified payments framework for stablecoins and tokenised deposits in April 2026. A successful Qivalis euro stablecoin will serve as a proof of concept that a regulated, bank-backed stablecoin can operate at institutional scale within a MiCA-adjacent regulatory environment. That proof of concept will increase pressure on the FCA and HM Treasury to accelerate their own framework, and on UK financial institutions to consider equivalent moves.
For founders building in payments, DeFi infrastructure, tokenised RWAs, or cross-border treasury management, the arrival of a regulated euro stablecoin in H2 2026 creates a new building block. If it gains traction, the euro settlement layer for European digital capital markets becomes significantly more functional.
Key Takeaways
Twelve major European banks have backed Fireblocks to build a MiCA-compliant euro stablecoin via the Qivalis consortium, targeting H2 2026 launch.
Euro stablecoins currently represent less than 0.2% of the global stablecoin market, a structural gap this initiative aims to fill.
Qivalis plans to operate as a Dutch EMI under De Nederlandsche Bank supervision, subject to authorisation, with Fireblocks providing tokenisation, custody, and compliance infrastructure.
A regulated euro stablecoin could become the settlement layer for tokenised European capital markets, transforming institutional DeFi participation.
The move demonstrates that MiCA is now producing tangible institutional responses, and increases pressure on the UK to match pace.
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How we got here
Qivalis did not start with twelve banks. Nine announced the initiative on 25 September 2025: Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB and UniCredit. BNP Paribas joined on 1 December 2025 and DZ BANK became the eleventh member in late December 2025. By the Fireblocks announcement on 21 April 2026 the group numbered twelve, including BBVA.
The leadership has a UK connection. Sir Howard Davies, the first chairman of the Financial Services Authority and a former Deputy Governor of the Bank of England, chairs the company. Chief executive Jan-Oliver Sell previously ran Coinbase Germany, and chief financial officer Floris Lugt led digital assets in ING's wholesale bank. Qivalis says all appointments are subject to regulatory approval.
What has happened since April
On 20 May 2026 Qivalis said 25 more banks had joined, taking membership to 37. New members include ABN AMRO, Rabobank, Intesa Sanpaolo, Nordea, Handelsbanken, Swedbank, Banco Sabadell, Bank of Ireland, Groupe BPCE and National Bank of Greece. The Block reported at the time that the whole euro stablecoin market was worth about $896 million, according to CoinGecko, with Circle's EURC the largest at $443 million.
The licence remains the deciding step. Qivalis B.V. has applied to De Nederlandsche Bank for authorisation as an electronic money institution, and its website states that it is not yet authorised and does not issue e-money. Chief executive Jan-Oliver Sell told The Block the company plans to go live as soon as approval arrives, which it expects in the second half of 2026.
What it means for UK founders
A euro stablecoin issued by a Dutch electronic money institution would be regulated under MiCA, not UK rules. UK firms that want to offer it to clients will need to consider the UK cryptoasset regime, which comes into force on 25 October 2027 after an FCA authorisation window running from 30 September 2026 to 28 February 2027.
The size of the consortium also matters for product design. With 37 banks behind one euro token, founders building euro payment, treasury or settlement features for EU customers may find bank counterparties more willing to accept it than smaller issuers. Founders may want to take professional advice on whether an EU entity, a UK authorisation, or both will be needed.
Further reading
Frequently asked questions
Which banks are behind the Qivalis euro stablecoin?
Twelve European banks back the Qivalis consortium: BBVA, BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, DekaBank, DZ BANK, KBC, Raiffeisen Bank International, SEB and Banca Sella. They selected Fireblocks to provide the technology, as confirmed on 21 April 2026.
When will the Qivalis MiCA-compliant euro stablecoin launch?
The target launch is the second half of 2026, pending regulatory sign-off. Qivalis, incorporated in Amsterdam, plans to operate as an electronic money institution and has applied to De Nederlandsche Bank for the required authorisation under MiCA, which it is still awaiting.
What role does Fireblocks play in the Qivalis euro stablecoin?
Fireblocks provides tokenisation technology, wallet infrastructure, custody services and compliance tooling, including identity verification and sanctions screening. The stablecoin will be backed 1:1 by euros held in reserve.
How big is the euro stablecoin market compared with dollar stablecoins?
Of the $305 billion in stablecoins in circulation as of January 2026, over 99 per cent are denominated in US dollars. Euro-pegged stablecoins account for just $650 million, less than 0.2 per cent of the market.
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