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European banks pick Fireblocks for regulated euro stablecoin project

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European banks pick Fireblocks for regulated euro stablecoin project

A group of 12 European banks led by Qivalis has chosen Fireblocks to provide infrastructure for a MiCA-compliant euro stablecoin. 

Summary

  • Qivalis and 12 European banks are building a MiCA-compliant euro stablecoin with Fireblocks infrastructure support.
  • The euro token will target institutional settlement, treasury, and tokenized asset use across Europe.
  • European banks are pushing local stablecoins as dollar-backed tokens continue dominating the global market.

The project is targeting a launch in the second half of 2026, pending approval from De Nederlandsche Bank under the European Union’s Markets in Crypto-Assets Regulation framework.

Qivalis said the token will be fully regulated and backed 1:1 with euros. The company plans to structure the product as an electronic money institution under Dutch supervision. The group includes bank-backed support from firms such as BBVA, BNP Paribas, ING, and UniCredit.

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Fireblocks will supply the tokenization system, wallet infrastructure, and lifecycle management tools for the project. The platform will also support compliance functions such as identity verification and sanctions screening, which are central to regulated digital asset products in Europe.

A Fireblocks spokesperson said the project is being built as a ”regulated euro-native settlement instrument” for European institutions. The spokesperson added that the platform is designed to support issuance, custody, treasury management, and payment orchestration across several banking use cases.

Moreover, the planned stablecoin is intended for institutional uses such as settlement, treasury operations, and tokenized assets. The banks involved are aiming to provide a euro-denominated digital payment tool that can work across multiple business lines without relying on dollar-based stablecoins.

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The move comes as European banks and companies step up efforts to build local digital payment infrastructure. The project also reflects a wider push to reduce dependence on dollar-denominated stablecoins, which still dominate global digital asset settlement and payments activity.

Europe responds to dollar stablecoin dominance

DeFiLlama data shows the global stablecoin market stands near $320 billion, with about 99% of supply tied to the US dollar. Euro-denominated stablecoins remain a small part of the market, which has pushed European institutions to back local alternatives under clear regulatory frameworks.

The project also comes as policymakers and regulators in Europe continue to raise concerns about the role of foreign-currency stablecoins in the region. The Bank for International Settlements recently repeated warnings that some dollar stablecoins may operate more like investment vehicles than money because of their short-term securities exposure.

Earlier this month, Bank of France first deputy governor Denis Beau called on the European Union to limit the use of non-euro stablecoins in everyday payments. Against that backdrop, the Qivalis-led initiative adds another effort to build a regulated euro stablecoin market with direct banking support and MiCA-compliant infrastructure.

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Crypto World

Philippine SEC Warns Against dYdX, Crypto Platforms

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Philippine SEC Warns Against dYdX, Crypto Platforms

The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert warning Filipinos not to invest in dYdX and six other crypto trading platforms, saying they are not registered or authorized to solicit investments in the country.

In a Facebook post on Tuesday, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, stating that based on its findings, the platforms appear to be offering investments to the public in exchange for promised returns, profits or interest. 

The regulator said none of the listed entities are registered with the Commission or hold the required authorization under its crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services in the Philippines to obtain licenses and meet capital and operational requirements.

The SEC also warned that individuals promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators could be fined up to 5 million Philippine pesos (about $89,000) or imprisoned for up to 21 years, or both.

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The advisory highlights a broader shift toward stricter enforcement in the Philippines, where regulators have increasingly moved from warnings to access restrictions. On Dec. 24, 2025, Philippine regulators blocked Coinbase and Gemini as part of their broader crackdown on unlicensed CASPs. 

Philippine SEC advisory against dYdX. Source: Philippine SEC

Broader crackdown on unlicensed crypto operators

The latest advisory comes as Philippine regulators continue to step up enforcement against crypto platforms operating without local authorization.

In 2024, authorities moved to block access to Binance after a compliance deadline expired, with regulators also directing app stores to remove the trading platform’s app from users’ devices in the country. 

Related: Cambodian lawmakers propose severe prison time for crypto scammers

The crackdown has since expanded to include other major platforms. In August 2025, the SEC issued an advisory naming 10 exchanges, including OKX, Bybit, KuCoin and Kraken, for offering crypto services without registration, warning that their activities exposed Filipino investors to risks. 

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While regulators have targeted unlicensed operators, compliant firms have continued rolling out crypto products. In 2025, PDAX partnered with Toku to enable stablecoin salary payouts, while digital bank GoTyme launched crypto services with Alpaca, allowing users to buy and hold digital assets within its app.

Magazine: Telegram avoids Philippines ban, yen carry trade going onchain: Asia Express