- The Dutch central bank granted Qivalis an electronic money institution license on Oct. 14, 2026, moving a 37-bank consortium closer to launching a euro-pegged stablecoin.
- Qivalis must meet remaining requirements under the EU’s Markets in Crypto-Assets regulation before issuing the token.
- The consortium includes BBVA, BNP Paribas, ING and DZ Bank, but Qivalis has not disclosed which banks will use the token.
The Dutch central bank granted Qivalis an electronic money institution license on Oct. 14, 2026, bringing a consortium of 37 European banks closer to launching a euro-pegged stablecoin. The authorization allows Qivalis to develop blockchain-based euro settlement infrastructure, but the company must satisfy remaining requirements under the EU’s Markets in Crypto-Assets regulation before issuing the token.
Qivalis announced the authorization from De Nederlandsche Bank, or DNB, on Oct. 14. The outstanding MiCA requirements include publishing a technical document, known as a white paper.
How the Qivalis stablecoin will work
Qivalis plans to issue an electronic money token, or EMT, pegged to the euro. It expects to distribute the token through banks, cryptocurrency exchanges and payment providers rather than directly to retail users.
“Europe’s currency deserves Europe’s rules – on-chain. […] We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards,” Qivalis CEO Jan-Oliver Zell said.
The consortium was founded in September 2025 and has since expanded to 37 European banks, including BBVA, BNP Paribas, ING and DZ Bank. Qivalis selected Fireblocks to provide digital-asset infrastructure.
Qivalis has not disclosed which banks will use the token or the settlement volumes they plan to process through it.
MiCA requirements for euro stablecoins
Under MiCA, electronic money tokens are stablecoins pegged to a single official currency. Their issuers must be authorized as either credit institutions or electronic money institutions.
EMTs must give holders the right to request redemption at face value at any time. Issuers are prohibited from paying interest on the tokens.
The rules also apply to stablecoins pegged to the U.S. dollar, including USDC, when they are offered in the European Union. Issuers that do not meet the relevant requirements cannot legally offer their tokens to the EU public.
Qivalis is pursuing the launch as European financial institutions seek to strengthen the euro’s role in digital settlements. The token could provide an alternative to dollar-denominated stablecoins for payments between banks and companies.
The European Central Bank is also seeking partners to test the digital euro with artificial intelligence agents.
Source: Incrypted
