A consortium of twelve European financial institutions led by Qivalis and comprising BBVA, BNP Paribas, ING and UniCredit has chosen the Fireblocks platform as the technological framework for creating a "stable coin" in euros. The project will be implemented in full compliance with MiCA regulations, and the asset itself will receive electronic money status under the control of the Central Bank of the Netherlands. Launch planned for the second half of 2026.

The new Stablecoin is focused on institutional clients and is designed for payments, capital management and tokenized instruments. Fireblocks will provide tokenization infrastructure, wallets and combination solutions, including identity verification and sanctions screening.

The initiative aims to reduce the overwhelming dominance of dollar stablecoins, which, according to DeFiLlama, account for 99% of supply in a segment worth more than $320 billion.