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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