The Qivalis consortium, bringing together 12 European banks, selected Fireblocks as the infrastructure partner for its euro stablecoin. The token will be issued with full 1:1 backing as electronic money under the supervision of De Nederlandsche Bank within the MiCA framework. The launch is scheduled for the second half of 2026, pending approval from the Dutch central bank.
Fireblocks will provide the full technology stack: tokenization, wallet infrastructure, custody services, and compliance tools — including identity verification and sanctions screening. All solutions are being built in line with MiCA requirements.
The token targets institutional use cases: settlements, treasury management, and work with tokenized assets. Fireblocks noted that the product is being designed as a regulated, euro-native settlement instrument — one that doesn't rely on dollar-based stablecoins or smaller euro tokens lacking comparable banking support.
European banks and regulators are steadily reducing their dependence on dollar stablecoins in payments and settlements. Market participants across the region are actively selecting infrastructure partners to bring euro-based solutions to production and meet institutional demand within the EU.