A consortium of 12 European banks, led by Qivalis, has selected Fireblocks as the platform for launching a euro-pegged stablecoin. The project is being developed in accordance with the MiCA regulation, reports Cointelegraph.
The group includes major financial institutions such as BBVA, BNP Paribas, ING, and UniCredit. Fireblocks will provide tokenization technology, wallets, and compliance tools, including identity verification and sanctions screening.
The new coin is aimed at institutional clients and is intended for transactions, capital management, and working with tokenized assets. The stablecoin will be fully backed and will receive the status of electronic money under the supervision of the Dutch central bank.
The launch is scheduled for the second half of 2026.
This initiative aims to reduce the dominance of dollar-pegged stablecoins. According to DeFiLlama, the market capitalization of this segment exceeds $320 billion, with 99% of the supply consisting of assets pegged to the US dollar.
Source: DeFiLlama.Fireblocks' Chief Strategy Officer, Steven Richardson, noted that the project will serve as a regulated tool for European companies, replacing less reliable alternatives.
In April, the Bank for International Settlements warned that many dollar-pegged stablecoins function more as investment instruments than as means of payment.