Qivalis Wins Dutch EMI License to Prepare a Euro Stablecoin Backed by 37 Banks
The consortium-backed venture can now move toward issuing a euro-denominated electronic-money token under MiCA, but it has not launched the stablecoin and still needs to complete additional requirements.
AMSTERDAM — Qivalis announced on Oct. 14 that it received authorization from De Nederlandsche Bank to operate as an Electronic Money Institution. The venture is backed by a consortium of 37 European banks and is preparing a euro-denominated electronic money token intended to operate within the European Union’s Markets in Crypto-Assets framework.
The license is an important regulatory step because an EMI authorization is required for issuing electronic-money tokens under MiCA. It does not mean Qivalis has already launched a stablecoin. The company still needs to satisfy additional requirements, including publishing an approved white paper, before issuance can begin.
The consortium model gives Qivalis a different starting point from a crypto-native issuer: its backers are incumbent banks with existing payment and settlement relationships. That could help a euro token find institutional use, but it also raises the bar for governance, redemption, reserve management and interoperability across the banks involved.
For now, the announcement is about authorization rather than circulation. Qivalis has not disclosed a launch date, initial supply or customer volume, so the license should be read as permission to complete the preparation work—not evidence that a euro stablecoin is already available to trade or use.