The Dutch central bank (DNB) has granted Qivalis, a consortium backed by 37 major European banks, an electronic money institution license, bringing it closer to issuing a euro-denominated stablecoin under the MiCA regulation. Qivalis must still meet remaining MiCA requirements, including publishing a white paper, before issuing the token in the coming months. The token will be distributed through banks, cryptocurrency exchanges and payment providers rather than directly to consumers. Under MiCA, holders of electronic money tokens (EMTs) can redeem them at face value at any time, but the tokens cannot pay interest. CEO Jan-Oliver Sell said Europe should have a euro-denominated onchain settlement asset issued under European law and standards.
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- Qivalis receives EMI authorization from Dutch central bank for euro stablecoin
Qivalis, an Amsterdam-based European banking consortium, received Electronic Money Institution (EMI) authorization from De Nederlandsche Bank (DNB), allowing it to issue euro-denominated electronic money tokens. The company plans to begin issuing its euro stablecoin in the coming months, subject to MiCA requirements and publication of its white paper. It would enter a market dominated by US dollar stablecoins, where Tether's USDT, with a $183 billion market capitalization, accounts for over 60% of the total $303 billion stablecoin market according to DefiLlama. CEO Jan-Oliver Sell said Europe should have a euro-denominated on-chain settlement asset issued under European law. In May, Qivalis added 25 banks across 15 countries, bringing its total backing institutions to 37.
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