Qivalis taps Fireblocks for Euro stablecoin launch

By Aarav Garg

Qivalis, a consortium of twelve European banks formed to launch a euro-backed stablecoin, has selected Fireblocks as its core technology partner ahead of a planned launch in the second half of 2026.

The stablecoin initiative, supported by banks including BNP Paribas, ING and UniCredit, will be issued through Amsterdam-based Qivalis, subject to regulatory approval from De Nederlandsche Bank. The project is designed to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCAR).

“European banks now have both the regulatory framework and the institutional-grade infrastructure needed to scale stablecoins across the market,” said Michael Shaulov, Co-Founder and CEO of Fireblocks. “Qivalis demonstrates how major financial institutions can work together to plan a compliant euro-backed stablecoins at scale – with production-ready infrastructure that will meet MiCAR requirements, handle institutional volumes, and integrate seamlessly with existing banking systems. Fireblocks is purpose-built to power initiatives like this, giving banks the security, compliance controls, and operational capabilities required to bring regulated euro stablecoins to life.”

Fireblocks will provide infrastructure for tokenisation, issuance and lifecycle management, including compliance tools such as AML and KYC integration, governance controls and transaction monitoring. The platform is designed to support institutional requirements, including secure custody, audit-ready reporting and operational resilience.

“Europe needs a regulated euro-backed stablecoin option backed by trusted financial institutions”, says Jan Sell, CEO at Qivalis. “Fireblocks’ platform gives us the security, compliance controls, and operational infrastructure to deliver exactly that – enabling our member banks to offer clients a true European alternative for digital cross-border settlement.”

The initiative comes as the global stablecoin market continues to expand, reaching $305 billion in early 2026. However, the sector remains heavily dollar-dominated, with euro-denominated stablecoins accounting for a small share. Qivalis aims to address this gap by offering a regulated euro-based alternative targeted at institutional users.

The platform will allow participating banks to offer custody, wallet services and payment capabilities to clients, while enabling 24/7 settlement and programmable payments. The consortium said the model is intended to support cross-border transactions, trade finance and securities settlement, positioning the stablecoin as a potential European standard for digital payments.