Qivalis, the euro stablecoin venture backed by 12 European banks, has selected Fireblocks to provide tokenization, wallet, custody and treasury infrastructure for a MiCA-compliant token planned for the second half of 2026. The launch still needs approval from the Dutch central bank, De Nederlandsche Bank.
The project is meant to give European institutions a bank-backed euro settlement asset for payments, treasury activity and tokenized assets. It also comes as European officials push for more euro-based stablecoin infrastructure and less reliance on dollar tokens.
Fireblocks Will Handle the Stablecoin Infrastructure
Fireblocks will also provide wallet services, custody, treasury management and lifecycle tools for the euro-denominated stablecoin. The company is also expected to support compliance features, including identity verification and sanctions screening.
That makes the deal more than a custody contract. Qivalis is choosing infrastructure that can support issuance, distribution and ongoing token management, giving participating banks a shared technical base instead of leaving each institution to build its own euro token system.
The Banks Want a Shared Euro Rail
Qivalis is based in Amsterdam and is working toward authorization as an electronic money institution under Dutch supervision. The venture says the token will be fully regulated and backed 1:1 by euros.
The consortium includes European banks such as BBVA, BNP Paribas, ING, and UniCredit. Earlier disclosures also named Banca Sella, CaixaBank, Danske Bank, DekaBank, DZ Bank, KBC, Raiffeisen Bank International and SEB as members of the group.
The consortium structure is meant to avoid a fragmented market where each bank issues a separate stablecoin. Qivalis has framed the project around instant low-cost cross-border payments, settlement for tokenized assets and DeFi access in euros.
Europe Is Trying to Close the Dollar Gap
The euro stablecoin market is still tiny compared with dollar tokens. Recent reports put the global stablecoin market at about $320 billion, while euro-pegged assets represent less than 1% of circulation.
French Finance Minister Roland Lescure said last week that Europe needs more euro-based stablecoins and urged banks to explore tokenized deposits, saying the low use of euro tokens was not satisfactory.
For Qivalis, the Fireblocks deal gives the project a clearer technical path toward launch. The next step is regulatory approval in the Netherlands before the consortium can bring the token to market in the second half of 2026.
