Qivalis Consortium Taps Fireblocks for MiCAR Euro Stablecoin

Twelve major European banks are partnering with Fireblocks to launch a regulated euro stablecoin aimed at institutional settlement and MiCAR compliance.

The newly formed entity Qivalis, based in the Netherlands, sits at the heart of an initiative to serve as the central issuer for a forthcoming euro-denominated stablecoin.

Backed by a consortium of 12 banks, including BNP Paribas, ING, and UniCredit, the project is currently applying for an electronic money license from De Nederlandsche Bank. The objective is to establish a regulated instrument tailored for institutional payments within the European Union.

The Technical Foundation: Beyond a Standard Token

Fireblocks provides the technical infrastructure, building a robust control layer for digital assets. Instead of a standard token, the project utilizes ERC-20F—a modified standard specifically designed for institutional requirements.

This model enables built-in compliance mechanisms, such as the ability to claw back funds, participant identification, and automated verification. The system directly integrates AML and KYC procedures alongside sanctions monitoring, ensuring every transaction is compliant by design.

Furthermore, the platform will support continuous minting and burning of tokens. This allows banks to manage their liquidity in real-time, functioning seamlessly across different time zones.

The Push for a European Alternative

The initiative emerges as European policymakers grow increasingly concerned about the dominance of the US dollar in digital payments. While the global stablecoin market exceeds hundreds of billions of dollars, the share of euro-based tokens remains below 1%.

French officials and central bankers recently highlighted the need for accelerated development of European solutions to avoid dependence on offshore, dollar-denominated assets. In this context, the Qivalis project is viewed as a strategic response to the risks of “regulatory arbitrage.”

Focusing on Institutional Markets

Unlike mainstream stablecoins, this new token is not intended for retail users. Its primary purpose is to facilitate interbank payments, liquidity management, and the settlement of tokenized financial instruments.

Key applications include bank-to-bank transfers and “delivery versus payment” transactions for digitized bonds and securities. This positions the token as an infrastructure tool rather than a medium for daily consumer spending.

Future Outlook

Following the establishment of Qivalis in late 2025 and the selection of Fireblocks as the technology partner in April 2026, the project is entering a decisive phase. Regulatory approval from Dutch authorities is expected to be the next major milestone before a potential launch in the second half of the year.

If successful, the initiative could shift the balance of power in digital finance. By providing Europe with its own payment tool for the era of tokenized assets, it has the potential to reduce reliance on the dollar within the global financial system.