Dutch Central Bank Clears Qivalis to Advance Its Regulated Euro Stablecoin

Qivalis has received regulatory authorization from the Dutch central bank, bringing its planned euro-backed digital token closer to launch. Supported by 37 major European banks, including BBVA, BNP Paribas and ING, the consortium aims to provide blockchain-based infrastructure for euro-denominated payments and settlements.

The Amsterdam-based firm announced that De Nederlandsche Bank (DNB) had issued an electronic money institution license. Qivalis must still complete the outstanding requirements under the European Union’s Markets in Crypto-Assets (MiCA) rules, including the publication of a white paper, before it can issue its electronic money token (EMT). The company expects to launch the token in the coming months.

The license marks progress toward giving banks and payment companies a regulated way to transfer euros over blockchain networks. Qivalis’s backing from a wide range of European financial institutions could support adoption, but the consortium has not yet specified which banks will use the token or how much transaction activity they anticipate.

MiCA defines electronic money tokens as stablecoins pegged to one official currency, such as the euro or U.S. dollar. Other stablecoins may instead be tied to a basket of currencies or other assets. Consequently, while all EMTs are stablecoins under the regulation, some stablecoins fall outside the EMT classification.

To issue an EMT legally, a company must be an authorized credit institution or electronic money institution. The rules provide token holders with a legal claim against the issuer and the right to redeem their tokens at face value at any time. MiCA also bars issuers from paying interest on EMTs.

Dollar-pegged stablecoins such as USDC may qualify as EMTs in the EU if they satisfy the bloc’s regulatory requirements. Tokens that do not meet the applicable standards cannot lawfully be offered to the public in the region.

Qivalis CEO Jan-Oliver Sell said Europe needs a euro-denominated settlement asset that operates onchain under European law and regulatory oversight. He emphasized that the region should maintain its own legal and supervisory standards as financial transactions increasingly move onto blockchain networks.

Instead of distributing the token directly to individual users, Qivalis plans to rely on banks, crypto exchanges and payment providers to bring it to market.

Founded in September 2025, the consortium has grown to 37 European banking members, including BBVA, BNP Paribas, ING and DZ Bank. It has also appointed Fireblocks to supply the digital asset infrastructure for its planned token.