Qivalis has moved closer to launching a regulated euro-denominated stablecoin after receiving an electronic money institution license from the Dutch central bank. The consortium, backed by 37 major European banks, still needs to complete requirements under the European Union’s Markets in Crypto-Assets regulation before issuing the token.
The Amsterdam-based company plans to make the token available in the coming months through banks, cryptocurrency exchanges and payment providers. It is intended to support onchain euro settlement, allowing participating financial and payments businesses to transfer euros using blockchain infrastructure rather than distributing the token directly to consumers.
According to CoinDesk, the authorization was granted by the Bank of the Netherlands, also known as DNB. The license gives Qivalis the regulatory status needed to move toward issuing an electronic money token, or EMT, but it is not itself the final authorization to launch the asset.
What Qivalis still needs to do
Before issuing its euro token, Qivalis must satisfy the remaining requirements under MiCA, the European Union’s framework for crypto assets. One of the listed steps is publishing a white paper that sets out information about the token and its offering.
Qivalis says it expects to issue the token in the coming months. The company has not disclosed which of the consortium’s bank members will use it or how much money they expect to transfer through electronic money tokens. That leaves the eventual scale and initial user base of the project unclear.
The token is expected to be distributed through established financial and crypto channels rather than sold directly to individual consumers. Qivalis has also selected Fireblocks to provide digital asset infrastructure for the project.
Qivalis Chief Executive Jan-Oliver Sell said: “Europe's currency deserves Europe's rules, onchain.” He added that the company believes Europe should have a euro-denominated onchain settlement asset issued under European law and subject to European regulatory standards.
Why the MiCA classification matters
Under MiCA, electronic money tokens are a regulated category of stablecoin. An EMT is linked to one official currency, such as the euro or the U.S. dollar. Stablecoins more broadly can use other forms of backing, including baskets of currencies or other assets, so not every stablecoin is an EMT.
EMTs must be issued by an authorized credit institution or electronic money institution. Their holders have a legal claim against the issuer and can redeem the tokens at face value at any time. MiCA also prevents EMTs from paying interest.
This framework is designed to connect the token’s value to the official currency it represents while placing legal and regulatory obligations on the issuer. A dollar-backed stablecoin such as USDC could also qualify as an EMT in the European Union if it meets the applicable requirements. Tokens that do not comply with the relevant rules cannot lawfully be offered to the public in the EU.
For Qivalis, obtaining the Dutch electronic money license is therefore a significant step toward offering a euro-based settlement instrument within the EU’s regulatory framework. The planned use by banks, exchanges and payment providers also places the project primarily in institutional infrastructure, rather than in direct retail distribution.
A consortium of 37 banks
Qivalis was founded in September 2025 and has since expanded its consortium to 37 European banks. Its backers include BBVA, BNP Paribas, ING and DZ Bank. The group’s size gives the project access to a broad banking network, although participation in the token’s eventual use has not yet been specified.
The initiative reflects an effort by major European financial institutions to use blockchain technology for euro settlement while operating under European rules. The license does not establish how widely the token will be adopted, but it moves Qivalis closer to making its proposed infrastructure available to participating institutions.
Current crypto market picture
Moneyiar market data at 9:08-9:09 p.m. on October 15, 2026, showed mixed performance among the tracked assets:
- Monad (MON) was trading at $0.0231007231, down 3.98% over 24 hours and 5.81% over seven days.
- Ethereum Name Service (ENS) was at $5.7536444747, up 0.14% over 24 hours but down 7.55% over seven days.
- Compound (COMP) stood at $22.4040587261, down 0.39% over 24 hours and 3.68% over seven days.
- Comedian (BAN) was priced at $0.053166569, up 0.50% over 24 hours and down 12.56% over seven days.
These figures describe the broader tracked crypto-market picture and do not represent the price of Qivalis’s planned token, which has not yet been issued.
