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FollowingThe Dutch Central Bank has granted Qivalis a license to operate as an electronic currency institution. This is a significant step towards the issuance of stablecoins under the EU’s MiCA regulations.
The De Nederlandsche Bank has issued a license to Qivalis, a company based in Amsterdam. This move allows a consortium of 37 European banks to take another step toward issuing euro-based stablecoins within the framework of MiCA regulations. According to a report by CoinDesk on October 14th, this decision by the Dutch Central Bank is another sign that European banks and regulatory authorities are working on localized alternatives to traditional stablecoins that are currently dominant in most markets.
However, the issuance of the license does not mean that the tokens will be immediately available for use. Qivalis still needs to meet the remaining requirements of MiCA regulations, including releasing a whitepaper, before being able to issue its euro-based electronic currency tokens within the next few months. The company stated that it will distribute these tokens through banks, cryptocurrency exchanges, and payment services providers, rather than directly selling them to consumers. The actual powers granted by the Dutch license include…
The EMI license allows Qivalis to issue electronic currency tokens. These tokens are classified as stablecoins that are pegged to a single official currency, in accordance with MiCA regulations. Holders of EMT have legal claims against the issuer, and they can redeem their tokens at face value at any time. According to MiCA regulations, EMTs are not allowed to pay interest. This restriction has sparked opposition from European banks. Previously, MoonPay obtained its Dutch EMI license in September for the issuance of stablecoins. Qivalis is another Amsterdam-based project that followed suit.
Bank-issued US dollar stablecoins provide a counterbalance to this situation.
Qivalis was founded in September 2025. It has since attracted the support of 37 European banks, including BBVA, BNP Paribas, ING Bank, and DZ Bank. Fireblocks provides infrastructure support for digital assets. Although this consortium has the potential to connect with a wide range of banking networks, it remains unclear which banks will actually use these tokens, or what the expected transaction volumes will be.
Jan-Oliver Sell, CEO of Qivalis, said, “European currencies should follow European rules on the blockchain.” “We believe that Europe should have euro-valued settlement assets that are issued under EU laws and governed by European regulatory standards.” This effort reflects the broader initiative of European officials to ensure that blockchain settlements do not rely on US dollar-valued tokens issued under foreign rules.
Current market landscape
This project enters a market where stablecoins still dominate the landscape. With the implementation of MiCA regulations, there is an increasing demand for euro-based stablecoins. However, USDC and USDT continue to enjoy greater liquidity. Additionally, issuers that do not comply with EU regulations cannot legally offer their tokens to the public within the EU.
There are still obstacles between obtaining a license and actually launching the token.
Obtaining a license is a regulatory milestone, not just the beginning of product development. Before the euro-based EMT reaches users, Qivalis must release a whitepaper that meets MiCA requirements, and determine which member banks will be responsible for distributing the token. The company has not set a specific launch date, except for saying “within the next few months”. The announced distribution model indicates that the token will be integrated into the infrastructure of banks and exchanges, rather than being available as a consumer-facing application.
It remains uncertain whether a bank-backed euro-based stablecoin can transfer liquidity from its US-denominated competitors. This question will be addressed in the upcoming whitepaper and during the initial launch.
