The Dutch central bank granted Qivalis an electronic money institution license to issue a euro stablecoin

A consortium supported by 37 large European banks, Qivalis, announced that the Dutch Central Bank (DNB) has granted it an Electronic Money Institution (EMI) license, bringing it one step closer to issuing Euro-denominated electronic money tokens (EMT). The Amsterdam-based company still needs to meet the remaining requirements of the EU's Markets in Crypto-Assets Regulation (MiCA), including publishing a white paper, in order to issue the token in the coming months.

The license enables Qivalis to provide a blockchain-based method for transferring Euros for banks and payment institutions. Qivalis plans to distribute its tokens through banks, cryptocurrency exchanges, and payment service providers, rather than directly to consumers. Since its establishment in September 2025, the consortium has expanded to 37 European banks, including BBVA, BNP Paribas, ING, and DZ Bank, and has chosen Fireblocks to provide digital asset infrastructure.

According to MiCA regulations, EMTs are classified as stablecoins, but not all stablecoins are EMTs. EMTs are pegged to a single fiat currency and must be issued by authorized credit institutions or electronic money institutions, with holders having a legal claim to them and the right to redeem them at face value at any time, and EMTs cannot pay interest. Qivalis CEO Jan-Oliver Sell stated that the currency of Europe should be carried on-chain by European rules, and Europe should have Euro settlement assets on-chain issued under European law and subject to European regulatory standards.