Qivalis has obtained an electronic money institution license from the Dutch central bank, bringing the bank-backed consortium closer to launching a regulated euro stablecoin. Supported by major financial institutions such as BBVA, BNP Paribas and ING, the company aims to establish blockchain-based infrastructure for euro payments and settlements.
The Amsterdam-based consortium, which includes 37 major European banks, announced that De Nederlandsche Bank (DNB) had approved its license application. Before issuing its euro-denominated electronic money token (EMT), Qivalis must still satisfy the remaining requirements under the European Union’s Markets in Crypto-Assets (MiCA) framework. These include publishing a white paper. The company expects to launch the token in the coming months.
The license marks a significant step toward enabling banks and payment providers to settle euro transactions using blockchain technology. Although Qivalis has access to a broad network of banking institutions, it has not yet identified which members will adopt the token or disclosed the transaction volumes they expect to process.
MiCA classifies electronic money tokens as a type of stablecoin, but the two terms are not interchangeable. EMTs track the value of one official currency, such as the euro or U.S. dollar, whereas other stablecoins may be linked to multiple currencies or different assets.
Regulations require EMTs to be issued by authorized credit institutions or electronic money institutions. Token holders consequently have a legal claim against the issuer and can redeem their tokens at face value whenever they choose. Under MiCA, issuers are also prohibited from paying interest on EMTs.
Stablecoins backed by the U.S. dollar, including USDC, can fall under the EMT category if they satisfy the EU’s regulatory requirements. Issuers that do not comply with the applicable rules are not permitted to offer their tokens publicly in the European Union.
Qivalis CEO Jan-Oliver Sell said Europe should have a blockchain-based settlement asset denominated in euros and operating under European law and regulatory oversight. He emphasized that the region’s currency should retain the protections of its own legal framework as financial activity moves onchain.
The company plans to distribute its token through established financial channels, including banks, cryptocurrency exchanges and payment providers, instead of marketing it directly to consumers.
Founded in September 2025, Qivalis has expanded its membership to 37 European banks. BBVA, BNP Paribas, ING and DZ Bank are among the institutions involved. The consortium has also chosen Fireblocks to provide the digital asset technology needed to support its planned token infrastructure.
