Skip to main content
Aeterna Sol

Crypto markets, protocols and policy

Qivalis wins Dutch e-money license for euro stablecoin

Qivalis won Dutch e-money authorization, clearing a key hurdle for its bank-backed euro stablecoin, though MiCA requirements remain before issuance.

The Aeterna Sol Editors

Qivalis wins Dutch e-money license for euro stablecoin

37 European banks across 15 countries back Qivalis, which received an electronic money institution license from the Dutch central bank on October 14. The approval brings the Amsterdam-based consortium closer to issuing a euro stablecoin, but it still has to meet MiCA requirements before the token can be issued.

In its October 14 announcement, Qivalis said De Nederlandsche Bank (DNB) will supervise it on an ongoing basis. The license makes Qivalis eligible to issue euro-denominated electronic money tokens, or EMTs.

What does the license let Qivalis do?

The authorization gives Qivalis the regulatory status needed to issue an EMT, a type of stablecoin tied to one official currency. It does not mean the token is already available: the company says issuance is planned for the coming months and remains subject to MiCA requirements and publication of a white paper.

CoinDesk reported that MiCA requires EMT holders to be able to redeem their tokens at face value at any time. The regulation also bars issuers from paying interest on them.

That framework matters if you use or handle the token: its euro peg comes with a redemption right under the rules, but it is not designed to pay a return. Qivalis has not yet disclosed how much token activity it expects or which consortium members will use it.

Who will be able to access the token?

Qivalis plans to distribute the EMT through eligible counterparties, including banks, cryptocurrency exchanges, payment service providers and market infrastructure firms. The company describes this as a business-to-business-to-customer model, so you would access the token through a partner rather than directly from Qivalis.

The consortium was founded in September 2025 and has since grown to 37 European banks, according to CoinDesk. Its members include BBVA, BNP Paribas, ING and DZ Bank. The size of the network gives Qivalis potential distribution partners, but the company has not said which banks will offer the token or what transaction volumes they expect.

The token is intended to support euro transfers using blockchain technology. Qivalis CEO Jan-Oliver Sell said in the announcement that the company aims to create an on-chain euro settlement asset issued under European law and subject to European regulatory standards.

What still needs to happen before launch?

Qivalis must publish its white paper and meet the applicable requirements under MiCA before issuance. The license is a key step, but the remaining conditions mean you should not treat it as a launch announcement.

Once issued, the EMT will remain under DNB supervision. Its distribution will depend on eligible counterparties, and Qivalis has not announced a launch date beyond saying issuance is planned within the coming months.

Sources