Qivalis Gets Dutch License to Launch Bank-Backed Euro Stablecoin

Dutch regulator grants Qivalis e-money license

The Bank of the Netherlands (DNB) has granted Qivalis an electronic money institution license, clearing a major regulatory hurdle for a euro-backed stablecoin.

Qivalis is a consortium backed by 37 major European banks, including BBVA, BNP Paribas, and ING. The Amsterdam-based company now has authorization to issue electronic money tokens (EMTs), a regulated form of stablecoin pegged to the euro.

The company still needs to complete remaining requirements under the European Union's Markets in Crypto-Assets (MiCA) regulation before it can launch its token. One key step is publishing a white paper. Qivalis plans to roll out the token in the coming months.

What the license means for euro stablecoins

Under MiCA, EMTs must be redeemable at face value at any time. Holders have a legal claim against the issuer. However, EMTs cannot pay interest, which sets them apart from traditional bank deposits.

EMTs are stablecoins backed by a single official currency like the euro. Other stablecoins can track baskets of currencies or other assets. Only authorized institutions can issue EMTs under EU law.

Qivalis plans to distribute its token through banks, cryptocurrency exchanges, and payment providers rather than directly to consumers.

CEO on Europe's role in digital euros

Jan-Oliver Sell, Qivalis CEO, said: "Europe's currency deserves Europe's rules, onchain." He added that Europe should have a euro-denominated onchain settlement asset issued under European law and subject to European regulatory standards.

How big is the banking network behind Qivalis?

The consortium's membership of 37 banks gives it access to a large European banking network. However, Qivalis has not revealed which specific members will use the token or how much money they expect to move through EMTs.

The company also has not disclosed details about the token's transaction volume or the scale of adoption so far.

Key numbers

• 37: number of major European banks backing Qivalis
• BBVA, BNP Paribas, and ING: named as consortium members
• EMTs: the category of euro-pegged stablecoin Qivalis will issue

What comes next

Qivalis must publish a white paper and satisfy all remaining MiCA requirements before its euro token launches. The company says distribution will begin in the coming months through banks, exchanges, and payment providers.

Sources

• CoinDesk