Gate News message, April 22 — A consortium of 12 major European banks, led by Qivalis and partnered with blockchain infrastructure provider Fireblocks, is developing a euro-denominated stablecoin to be launched in the latter half of 2026, subject to regulatory approval from De Nederlandsche Bank. Participating institutions include BBVA, BNP Paribas, ING, and UniCredit.
The initiative is designed to address Europe’s heavy reliance on dollar-backed stablecoins, which currently represent approximately 99 percent of the $320 billion global stablecoin market. By contrast, euro-denominated stablecoins account for only $650 million, while dollar stablecoins total around $304 billion. The proposed asset will be fully backed on a one-to-one basis and structured as an electronic money institution under Netherlands regulation, compliant with the Markets in Crypto-Assets (MiCA) framework. Fireblocks will provide core infrastructure including tokenization, digital wallet systems, and compliance tools such as identity verification and sanctions monitoring.
The stablecoin is intended primarily for institutional use cases including financial settlement, treasury management, and tokenized asset transactions. Market observers note that the project’s launch timeline aligns with the conclusion of MiCA’s transitional compliance period in July 2026, positioning it to enter the market at a critical regulatory milestone. If successfully implemented, the euro stablecoin could reshape competitive dynamics within global stablecoin markets and strengthen the euro’s presence in digital finance.
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