De Nederlandsche Bank has granted Amsterdam-based Qivalis an electronic money institution license, moving a consortium of 37 European banks one step closer to issuing a euro-denominated stablecoin under the European Union’s Markets in Crypto-Assets (MiCA) framework. The Dutch central bank’s decision was announced by Qivalis on October 14, and the licence is recorded in DNB’s public register of electronic money institutions. It is the latest sign that European banks and regulators are assembling a homegrown alternative to the dollar-pegged stablecoins that still dominate most of the market.
The approval does not put a token into circulation yet. Qivalis still has to satisfy the remaining MiCA requirements, including publishing a white paper, before it can issue its euro-denominated electronic money token (EMT) in the coming months. The company said it will distribute the token through banks, cryptocurrency exchanges and payment service providers rather than selling directly to consumers.
What the Dutch License Actually Allows
An EMI license lets Qivalis issue electronic money tokens, the MiCA category for stablecoins pegged to a single official currency. Holders of EMTs have a legal claim against the issuer and can redeem their tokens at face value at any time. Under MiCA, EMTs cannot pay interest, a restriction that has already drawn pushback from European banks. The Amsterdam-based project follows MoonPay, which secured its own Dutch EMI license for stablecoin issuance in September.
A Bank-Backed Counterweight to Dollar Stablecoins
Qivalis was founded in September 2025 and has since grown to 37 European banks, including BBVA, BNP Paribas, ING and DZ Bank, with Fireblocks providing the digital asset infrastructure. The consortium’s size gives it access to a broad banking network, but it has not disclosed which members will actually use the token or how much volume it expects to move. “Europe’s currency deserves Europe’s rules, onchain,” said Qivalis CEO Jan-Oliver Sell. “We believe Europe should have a euro-denominated onchain settlement asset issued under European law and subject to European regulatory standards.” The effort reflects a broader push by European officials to keep on-chain settlement from depending on dollar-denominated tokens issued under foreign rules.
The project enters a market where dollar stablecoins still dominate. Demand for euro stablecoins has climbed as MiCA took effect, but USDC and USDT retain deeper liquidity, and issuers that do not meet the EU’s rules cannot lawfully offer their tokens to the public in the bloc.
What Still Stands Between Qivalis and a Live Token
The license is a regulatory milestone, not a launch. Qivalis must publish a MiCA-compliant white paper and confirm which member banks will distribute the token before any euro EMT reaches users. The company has not set a launch date beyond the coming months, and its stated distribution model means the token will live inside bank and exchange rails rather than as a consumer-facing app. Whether a bank-backed euro stablecoin can shift liquidity away from dollar-denominated rivals remains an open question that the next white paper and first live issuance will begin to answer.
