Qivalis wins Dutch e-money license for euro stablecoin

Qivalis, an Amsterdam-based consortium of European banks formed to issue a regulated euro token, received an Electronic Money Institution authorization from the Dutch central bank on Oct. 14, according to CoinDesk’s report on the approval.

The license clears a national authorization hurdle, while MiCA requirements still govern whether and how Qivalis can issue the token.

Qivalis said the authorization from De Nederlandsche Bank (DNB) places it under the central bank’s ongoing supervision and makes it eligible to issue euro-denominated electronic money tokens, according to Cointelegraph’s report. The company plans issuance in the coming months, but has not yet launched the stablecoin.

What does the Dutch authorization allow Qivalis to do?

The EMI authorization makes Qivalis eligible to issue euro-denominated electronic money tokens, but does not by itself complete the requirements for a public launch. CoinDesk reported that Qivalis must still meet remaining obligations under the European Union’s Markets in Crypto-Assets Regulation, including publishing a white paper, before issuance.

Under MiCA, an electronic money token is pegged to one official currency. CoinDesk reported that holders have the right to redeem such tokens at face value at any time, and that issuers cannot pay interest on them. Those rules set the regulatory terms for the proposed euro token alongside the Dutch authorization.

How does the license fit into Qivalis’s bank consortium?

Qivalis is backed by 37 European banks, according to CoinDesk, which named BBVA, BNP Paribas, ING and DZ Bank among its members. The consortium expanded from its September 2025 founding, and Qivalis has selected Fireblocks to provide digital asset infrastructure, the report said.

The banking network gives the project a potential distribution base, though CoinDesk reported that Qivalis has not disclosed which members will use the token or the transaction volumes they expect. Those details matter for assessing how the authorization could translate into on-chain settlement activity.

How does Qivalis plan to distribute the token?

Qivalis plans to distribute the token through banks, cryptocurrency exchanges and payment providers rather than directly to consumers, according to CoinDesk. That route would place intermediaries between the issuer and end users while giving institutions a means to transfer euros using blockchain technology.

The license therefore marks a step toward issuance, rather than a launch date or confirmation of adoption. Qivalis has said issuance is planned for the coming months, subject to the remaining MiCA requirements and publication of its white paper.

Sources

• CoinDesk’s report on the approval — coindesk.com
• Cointelegraph’s report — cointelegraph.com