Qivalis Gets Dutch EMI Licence for Bank-Backed Euro Stablecoin

A group of 37 European lenders is now closer to putting a bank-backed euro token on blockchain rails. Qivalis, the Amsterdam company the consortium created, has received an electronic money institution (EMI) licence from De Nederlandsche Bank (DNB), the Dutch central bank. The licence qualifies the firm to create euro-pegged electronic money tokens (EMTs) under the EU's MiCA framework. Before launch, Qivalis still has to publish a white paper and complete the other MiCA steps. It is aiming to start in the coming months.

What the Dutch licence changes

The authorisation puts Qivalis under continuous supervision by DNB. Under MiCA, only credit institutions or licensed e-money firms may issue EMTs, so without this approval the project had no legal route to market. With the licence in hand, most of the remaining work is documentation. The company says the token will follow once its white paper is out and the outstanding conditions are met. It has not given a firm date.

Retail users will not buy the token directly from Qivalis. The company plans to distribute it through lenders, crypto trading platforms and payment companies. Its main pitch is to banks and payment firms that want to move euros over a blockchain. However, Qivalis has not named which members will adopt the token, and it has not said what transaction volumes they expect.

Background: who is behind Qivalis

Qivalis was set up in September 2025 as a joint vehicle for European banks that want a regulated digital euro settlement tool of their own. It started with a much smaller group. Membership jumped in May, when 25 banks from 15 countries joined at once, bringing the total to 37. Backers include BBVA, BNP Paribas, ING and DZ Bank. The consortium has picked Fireblocks, a digital asset custody and infrastructure specialist, to supply the technical backbone.

A network this size gives Qivalis possible reach into a large share of Europe's banking system. Historically, though, membership in a bank consortium has not guaranteed that every member actively uses the product it builds.

How EMTs differ from other stablecoins

MiCA treats EMTs as a specific subset of stablecoins. Every EMT is a stablecoin, but many stablecoins do not qualify as EMTs. The main features:

• Each token tracks one sovereign currency, for instance the euro or the dollar, rather than a basket of currencies or other assets.
• Only a credit institution or an authorised e-money institution may issue one.
• Holders have a legal claim on the issuer and can cash their tokens in at par whenever they choose.
• Issuers are not allowed to pay holders interest.

These rules are not limited to euro tokens. A dollar-based coin such as USDC can count as an EMT if it meets the EU's conditions. An issuer that falls short is barred from marketing its token to the general public anywhere in the bloc.

A euro challenger in a dollar market

Qivalis is entering a market where the dollar dominates. DefiLlama figures put the whole stablecoin sector at about $303 billion. Tether's USDT accounts for roughly $183 billion of that, more than 60% of the total. In general, euro-linked tokens have made up only a small part of stablecoin supply, so a bank-backed entrant is a deliberate attempt to change that balance.

Chief executive Jan-Oliver Sell put the case in political as well as commercial terms: "Europe's currency deserves Europe's rules, onchain." He argued that the region needs an on-chain settlement asset governed by European law and European supervisors.

Our assessment: a milestone, not yet a product

The licence matters because it removes the biggest legal obstacle to issuance. It does not prove demand. Several questions remain open:

• Which of the 37 banks will actually integrate the token, and when?
• What volumes does the consortium expect, given that it has not published targets?
• Can a distribution model that runs through banks and intermediaries compete with the deep liquidity dollar stablecoins already have on exchanges?

Readers should watch for the white paper, the first issuance, and any announcements of exchange or payment-provider partners. Those will show whether Qivalis becomes real euro liquidity on-chain or stays a regulatory proof of concept.