With Qivalis, a consortium of 37 banks, obtaining the necessary licenses, the competition for stable

Qivalis has received approval from the European Union’s regulatory authorities, allowing it to legally issue euro-based stablecoins.

The Amsterdam-based company Qivalis has officially obtained a license from the Dutch National Bank (DNB) to operate electronic currency institutions. This means that, under the conditions set by the EU’s MiCA regulations, Qivalis is allowed to issue stablecoins pegged to the euro. However, the actual issuance of tokens remains pending the release of its whitepaper.

Currently, 37 European banks have joined forces to support this joint issuer. Although Circle and Société Générale have already launched euro-based tokens and enjoy liquidity advantages, Qivalis’ approval marks a significant step forward for the European banking industry in the field of stablecoins.

From concept to licensing: a timeline of developments.

• September 2025: Nine founding banks announced the establishment of a joint venture for issuing euro-based stablecoins.
• December 2025: Qivalis was officially launched, with BNP Paribas joining the alliance.
• February 2026: BBVA became the 12th member.
• May 2026: Twenty-five banks joined, bringing the total number of members to 37.
• October 2026: The Dutch National Bank granted Qivalis a license to operate electronic currencies.

Qivalis is owned by a consortium of 37 European banks from 15 countries. On October 14th, the company announced that it has obtained the necessary licenses from DNB, which are required for issuing euro-peg stablecoins under the EU’s MiCA regulations. The Dutch Central Bank had already recorded this information in its public register the day before. Qivalis expects to launch token issuance within the next few months, provided that the whitepaper is released and all other requirements under MiCA are met.

This license covers the issuing entity, while the details regarding the tokens remain to be finalized in the whitepaper

. According to MiCA regulations, stablecoins that are pegged to a single official currency are classified as electronic money tokens (EMTs). Only banks or licensed electronic money institutions are allowed to issue such tokens. EMT holders have direct claims against the issuer, who can redeem them at face value. Additionally, the issuer cannot pay interest merely based on holding the tokens. Currently, Qivalis is under ongoing regulatory oversight by DNB, but its whitepaper, which outlines the rights of holders, underlying technology, and related risks, has not yet been published.

CEO Jan-Oliver Sell views this approval as an issue of “autonomy.” He said, “European currencies should follow European rules—that is, blockchain-based rules.”

At present, many details regarding this project remain undisclosed, including the token’s code, initial supply, reserve amount, and details on its listing on exchanges. In September this year, Qivalis announced that the token would be issued on the Ethereum blockchain, using the ERC-20F standard, which includes features for compliance and identity control. Fireblocks was selected in April this year to provide tokenization and hosting infrastructure for this project. Spanish media reports suggest that the project will launch in November, but the company has not yet confirmed this date.

Why did 37 banks choose to work together rather than acting independently?

The value of payment tokens depends on the number of counterparties willing to accept them. If dozens of banks issued separate euro-based tokens, liquidity would be fragmented into isolated islands. Additionally, each bank would have to handle its own reserve management, legal matters, and wallet integration efforts. Qivalis concentrates all resources in one regulated issuer, operating under its “B2B2X” model: issuing tokens to banks, exchanges, payment companies, and market infrastructure providers, who then promote these tokens to businesses and retail users.

The alliance initially consisted of lending institutions such as ING, UniCredit, CaixaBank, Danske Bank, and KBC. Later, BNP Paribas, DZ BANK, and BBVA joined the group. In May this year, another 25 banks joined, including ABN AMRO, Rabobank, Intesa Sanpaolo, and Nordea. It’s important to note that membership does not obligate any bank to offer these tokens to their customers from day one. Therefore, the actual impact will depend on each bank’s decision regarding integration.

储备金规则也解释了银行的热情所在。MiCA要求由电子货币机构（EMI）发行的代币至少将30%的储备以存款形式存放在信贷机构中；若监管机构将其分类为“重要”代币，则该比例上升至60%。因此，客户存入代币的部分资金实际上回流到了银行的资产负债表上，这在一定程度上缓解了放贷机构对美元稳定币可能引发的存款流失担忧。

先行者：Circle、法国兴业银行和AllUnity已占据先机

Qivalis进入的是一个正在增长但体量仍小的市场。相比之下，美元稳定币市场规模约为3000亿美元。截至9月28日，数字欧元协会统计显示，跨15种代币和20条区块链的活跃欧元稳定币供应量为7.276亿欧元，高于欧洲央行今年1月记录的约4.5亿欧元。在前30天内，链上转账额达到164.6亿欧元，其中包括交易流、钱包间转账以及真正的支付行为。

Data snapshot as of September 23, 2026. Source: DefiLlama

Circle’s EURC benefits from its relationships with exchanges established around USDC. Société Générale is a more direct comparison; its subsidiary SG-FORGE launched EUR CoinVertible in 2023. This is a single-bank project that later added US dollar stablecoins and tokenized securities. AllUnity, founded by DWS, Flow Traders, and Galaxy, launched USDAU on six blockchains on September 30th. This platform uses Swiss franc tokens and is integrating EURAU into the custody services provided by Deutsche Exchange’s Clearstream.

Banks outside the eurozone are also weighing the advantages and disadvantages of acting independently or together. Since October 2025, ten global lending institutions, including Deutsche Bank, have been studying stablecoins based on G7 currencies. In the United States, U.S. Bank tested its own US dollar token USBDC on the Stellar network in September this year, conducting cross-border real-time trials. Meanwhile, 21 global banks led by U.S. Bank and Goldman Sachs are working towards achieving the goal of using shared US dollar tokens by 2027.

The European Central Bank hopes for the development of euro-based tokens, but is also concerned about their impact on bonds and deposits.

The European Central Bank warned in its Macroprudential Report of April that rapid growth could make euro-based stablecoin issuers important buyers of government bonds, as these securities meet the criteria for being reserve assets. In September, ECB officials reported that approximately 30% of regulated banks plan to tokenize deposits, while around 20% intend to issue digital currency tokens.

Qivalis’ token will be a private currency, legally distinct from the planned digital euro. Additionally, the amount held by holders is not covered by the €100,000 guarantee required to protect ordinary bank deposits.

The key factor determining whether the token will be accepted by the market lies in the whitepaper itself, as it should outline the composition of reserves, redemption mechanisms, and the network’s functioning. After that, readers should pay attention to the initial list of authorized distribution partners and initial circulation data. Exchanges and payment companies can only list the token if they are recognized as qualified counterparties.

Moreover, economic principles may change after the token is issued. In September this year, European central banks seized the opportunity provided by EU regulations related to MiCA to request the removal of the 30% deposit threshold, replacing it with liquidity tests conducted over one or five working days. This change will reduce the advantage of deposits in terms of returns, which makes the token attractive to its shareholders.