Bank-backed Qivalis wins Dutch e-money licence for a MiCA euro stablecoin
The consortium of 37 European banks, including ING, BNP Paribas and BBVA, cleared a key hurdle with the Dutch central bank. A white paper is due before launch.
CryptoGroup Newsroom · · 2 min read
Qivalis, a stablecoin venture backed by 37 European banks, has received an electronic money institution (EMI) licence from De Nederlandsche Bank, the Dutch central bank. The approval moves the Amsterdam-based company closer to issuing a euro-denominated token under the EU's MiCA rules, CoinDesk reports.
What the licence does — and doesn't — allow yet
An EMI licence is the legal basis for issuing electronic money tokens (EMTs), the MiCA category for stablecoins tied to a single official currency. Qivalis still has to complete the remaining MiCA steps, including publishing a white paper, before the token can go live. It says that should happen in the coming months.
The token will not be sold directly to the public. Qivalis plans to distribute it through banks, crypto exchanges and payment providers.
Who is behind it
- Founded in September 2025, the consortium has grown to 37 banks, among them ING, BNP Paribas, BBVA and DZ Bank.
- Fireblocks has been chosen to provide the digital-asset infrastructure.
- Qivalis has not yet said which members will use the token first, or how much volume it expects.
"Europe's currency deserves Europe's rules, onchain," CEO Jan-Oliver Sell said.
Why it matters
Dollar stablecoins dominate crypto trading and payments. A euro token backed by a large group of regulated banks could give European institutions an on-chain settlement asset governed by EU law. Note that dollar coins such as USDC can also qualify as EMTs in Europe if they meet the same requirements; tokens that don't cannot legally be offered to the EU public.
New to the topic? Read our explainer What is a stablecoin?
Frequently asked questions
What is an electronic money token (EMT)?
Under the EU's MiCA regulation, an EMT is a stablecoin that tracks a single official currency, such as the euro, and must be issued by a licensed bank or e-money institution.
Can holders get their euros back?
Yes. MiCA gives EMT holders a legal claim on the issuer and the right to redeem at face value at any time.
Will the Qivalis token pay interest?
No. MiCA does not allow EMTs to pay interest to holders.
This article is for information only and is not financial advice. Crypto assets are volatile; do your own research. Read our disclaimer
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