European Banking Consortium Qivalis Gets Dutch License to Launch Euro Stablecoin

Dutch Central Bank Approves Euro Stablecoin License for Qivalis

Qivalis, an Amsterdam-based European banking consortium, has received Electronic Money Institution authorization from the Dutch central bank, De Nederlandsche Bank (DNB). The license clears a major regulatory step toward launching a euro-denominated stablecoin.

A stablecoin is a digital token backed by fiat currency, designed to maintain a stable value. The authorization makes Qivalis eligible to issue euro-denominated electronic money tokens under European supervision.

Launch Timeline and Regulatory Framework

Qivalis announced Wednesday that it plans to begin stablecoin issuance within the coming months. The launch will be subject to the Markets in Crypto-Assets Regulation (MiCA), Europe's comprehensive crypto framework, and requires publication of a white paper.

The company said the EMI license subjects it to ongoing supervision by the central bank.

Backing and Market Context

Qivalis currently has 37 institutions backing it, after adding 25 new banks across 15 countries in May. The consortium aims to introduce a euro-denominated stablecoin into a market where US dollar-based tokens dominate.

According to DefiLlama data cited in the announcement, Tether USDt holds a $183 billion market capitalization, accounting for over 60% of the total $303 billion stablecoin market.

What Qivalis CEO Said

Jan-Oliver Sell, CEO of Qivalis, told Cointelegraph: "We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards."

Why This Matters

The authorization represents a significant move by European financial institutions to compete in the stablecoin space. A Euro-backed digital token could offer European users and businesses an alternative to dollar-dominated stablecoins, with full regulatory oversight under MiCA rules.

What's Still Unclear

Qivalis has not yet disclosed the name or specific features of its euro stablecoin. The company also has not provided a precise launch date beyond "the coming months."

• Cointelegraph