12 European Banks Back Fireblocks for MiCA-Compliant Euro Stablecoin

A consortium of 12 European banks under the Qivalis venture has partnered with Fireblocks to develop a MiCA-compliant euro stablecoin, targeting a launch in the second half of 2026. This initiative aims to provide a regulated, euro-native settlement instrument specifically designed for institutional use, reducing reliance on dollar-denominated assets. Currently, dollar-pegged stablecoins dominate the $320 billion market, accounting for approximately 99% of total volume. By leveraging Fireblocks' tokenization, wallet, and compliance infrastructure, the consortium seeks to align with strict European regulatory standards. The project reflects a broader strategic push by European policymakers and financial institutions to mitigate risks associated with non-euro digital assets. This move addresses concerns from the Bank for International Settlements regarding the stability of existing dollar-based stablecoins. Ultimately, the development signifies a major effort to establish a credible, regulated alternative for cross-border payments within the European financial ecosystem.