12 European Banks Back Fireblocks for MiCA-Compliant Euro Stablecoin
RWA Signal Insight
StablecoinsA 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.
Key points
- Qivalis consortium of 12 European banks selects Fireblocks for MiCA-compliant euro stablecoin infrastructure.
- Launch is scheduled for H2 2026, pending regulatory approval from Dutch authorities.
- Dollar-denominated stablecoins currently hold 99% of the $320 billion global stablecoin market.
- Project aims to reduce reliance on dollar-based assets in institutional digital payment systems.
Background
Fireblocks is an enterprise-grade platform that provides secure infrastructure for moving, storing, and issuing digital assets. It specializes in MPC-based wallet technology and tokenization services, enabling financial institutions to manage regulated digital assets securely. The company serves as a critical bridge between traditional finance and blockchain ecosystems by providing compliance and custody tools.