Qivalis says Dutch central bank granted e-money license for 37-bank euro stablecoin
In brief
- Qivalis said the Bank of the Netherlands (DNB) granted it an electronic money institution license.
- Qivalis counts 37 European banks, including BBVA, BNP Paribas, ING and DZ Bank, as members.
- Qivalis must still meet remaining MiCA requirements, including a white paper, before issuing its euro token.
- Banks, exchanges and payment providers will distribute the token, not Qivalis directly to consumers.
What the license does (and doesn't) unlock
Qivalis said DNB granted it an electronic money institution license, CoinDesk reported. That matters because MiCA requires EMTs to be issued by authorized credit institutions or electronic money institutions, and the license puts Qivalis in the second group.
It's not a launch, though.
Qivalis still has to meet the remaining requirements under MiCA, including publishing a white paper, before it can issue a token. The company plans to issue it in the coming months. It hasn't said which members will use the token or how much money they expect to move through EMTs.
Who's behind the consortium
Since its founding in September 2025, Qivalis has grown to 37 European banks, including BBVA, BNP Paribas, ING and DZ Bank, according to CoinDesk. It picked Fireblocks to provide its digital asset infrastructure. Distribution will run through banks, crypto exchanges and payment providers (Qivalis doesn't plan to sell directly to consumers).
The pitch is aimed at institutions. According to CoinDesk, the Dutch license brings Qivalis closer to offering banks and payment companies a way to transfer euros using blockchain technology.
"We believe Europe should have a euro-denominated onchain settlement asset issued under European law and subject to European regulatory standards."
Qivalis CEO Jan-Oliver Sell made the remark, as reported by CoinDesk.
How EMTs work under MiCA
An EMT is pegged to a single official currency, such as the euro or the U.S. dollar, while other types of stablecoins can be linked to baskets of currencies or other assets. Holders get a legal claim against the issuer and the right to redeem their tokens at face value at any time. EMTs can't pay interest.
The framework isn't limited to the euro. Dollar-backed stablecoins such as USDC can also qualify as EMTs under MiCA if they meet the EU's requirements, and issuers that don't meet the applicable rules can't lawfully offer their tokens to the public in the EU.
Frequently asked questions
Has Qivalis launched its euro stablecoin yet?
No. Qivalis said it received an electronic money institution license from the Bank of the Netherlands, but it still has to meet the remaining MiCA requirements, including publishing a white paper, before issuing its token. It plans to issue the token in the coming months.
Which banks are behind Qivalis?
According to CoinDesk, the consortium has grown to 37 European banks since its founding in September 2025. Named members include BBVA, BNP Paribas, ING and DZ Bank.
What is an electronic money token under MiCA?
An EMT is a stablecoin pegged to a single official currency, such as the euro or U.S. dollar. Under MiCA, it must be issued by an authorized credit institution or electronic money institution, holders can redeem at face value at any time, and EMTs can't pay interest.
