Fireblocks to Power Euro Stablecoin Push by Major European Bank Consortium

New updates have been reported about Fireblocks.

Fireblocks has been selected as the core infrastructure provider for Qivalis, a new consortium of twelve major European banks planning to launch what is positioned as the most significant euro-backed stablecoin to date under the EU’s MiCAR regime in the second half of 2026. The deal puts Fireblocks’ tokenization engine and secure wallet infrastructure at the center of issuance, distribution, and end-to-end treasury management for the euro stablecoin, subject to authorization by De Nederlandsche Bank.

By embedding its ERC-20F token standard and institutional-grade controls, Fireblocks will enable permissioned access, on-chain compliance, and audit-ready reporting tailored to MiCAR requirements, including integrated AML and KYC, sanctions screening, and fraud monitoring. The multi-institution architecture will allow each participating bank to offer custody, wallet services, and payment orchestration to clients, opening new fee and flow revenues as stablecoin markets, which processed $33 trillion in transactions in 2025, continue to expand.

For Fireblocks, the engagement deepens its role as core infrastructure for regulated digital money in Europe at a time when 99% of the $305 billion stablecoin market is still dollar-based and euro-pegged assets remain underdeveloped. CEO Michael Shaulov framed Qivalis as proof that major banks can deploy production-ready, MiCAR-compliant stablecoins at institutional scale while integrating with existing banking systems, positioning Fireblocks as a default infrastructure layer for future bank-led tokenization and payments projects.

Qivalis, domiciled in Amsterdam and seeking Dutch Central Bank authorization as an e-money institution, aims to offer a fully backed, 1:1 euro stablecoin as a core building block for cross-border settlement, programmable payments, and tokenized financial instruments. If successful, Fireblocks stands to benefit from recurring platform usage across corporate banking, trade finance, and securities settlement workflows, reinforcing its broader strategy to dominate regulated digital asset infrastructure for banks and payment providers globally.