TL;DR
- Qivalis received an electronic money institution license from the Dutch central bank, bringing it closer to issuing a euro-pegged stablecoin.
- The consortium is backed by 37 European banks, including BBVA, BNP Paribas, ING, and DZ Bank, and plans to use the token for blockchain-based settlements.
- The company must still meet additional requirements under the MiCA regulation, including publishing a white paper, before launching its stablecoin.
Qivalis obtained an electronic money institution license from the Dutch central bank (DNB), which will allow it to move forward with launching a euro-pegged stablecoin for blockchain-based payments and settlements.
The Amsterdam-based company is backed by 37 European banks, including BBVA, BNP Paribas, ING, and DZ Bank. It aims to provide financial institutions and payment providers with infrastructure to transfer euros using digital assets.
The authorization fulfills one of the requirements for issuing electronic money tokens (EMTs) under the European Union’s Markets in Crypto-Assets (MiCA) regulation.
However, Qivalis must still meet additional regulatory obligations, including publishing a white paper, before issuing its token. The company expects to launch it in the coming months.
Qivalis Prepares a MiCA-Regulated Stablecoin
EMTs are a category of stablecoins pegged to a single official currency, such as the euro or the US dollar.
Under MiCA, these assets can only be issued by authorized credit institutions or electronic money institutions.
The regulation also gives holders the right to redeem their tokens at face value at any time and prohibits EMTs from paying interest.
Qivalis CEO Jan-Oliver Sell emphasized the need for a euro-denominated settlement asset that operates on blockchain infrastructure and is governed by European law.
The company plans to distribute its stablecoin through banks, cryptocurrency exchanges, and payment service providers, rather than offering it directly to retail consumers.
The Consortium Brings Together 37 European Banks
Qivalis began operations in September 2025 and has since expanded its network to 37 banking institutions.
The group also selected Fireblocks as its digital asset infrastructure provider to support the technical development of its services.
The company aims to facilitate euro transfers and settlements between financial institutions through a regulated stablecoin, with transactions recorded on the blockchain.
Although the consortium has an extensive banking network, it has not yet identified which institutions will initially use the token or disclosed the transaction volume it expects to process.
Issuance will depend on Qivalis completing the remaining MiCA requirements following its authorization by the Dutch regulator.
