Qivalis, backed by 37 major European banks, has received an electronic money institution license from the Dutch Central Bank as it prepares to issue a euro-pegged stablecoin.
According to CoinDesk, the Amsterdam-based company has cleared a major milestone in its plan to offer banks and payment companies euro transfers over the blockchain. Qivalis aims to launch its token in the coming months.
The consortium behind the venture, founded in September 2025, has grown to include 37 European banks. Members include BBVA, BNP Paribas, ING and DZ Bank.
Euro stablecoin to be distributed through banks and exchanges
Rather than offering the token directly to consumers, Qivalis plans to distribute it through banks, cryptocurrency exchanges and payment providers. It has selected Fireblocks for its digital asset infrastructure.
The company’s CEO, Jan-Oliver Sell, said they want to create a euro-denominated on-chain payment asset subject to European law and regulatory standards. Although the consortium’s extensive banking network offers potential for distribution, it has not yet disclosed which members will use the token or what transaction volume it expects.
What comes next after the license?
The remaining requirements under the EU’s MiCA regulation must also be met before the token can be issued. These include publishing a technical document describing the token’s features, known as a white paper.
Assets pegged to a single official currency, such as the euro, are classified under MiCA as electronic money tokens (EMTs). According to the rules cited in the report, these tokens can be issued by authorized credit institutions or electronic money institutions, and holders have the right to redeem their tokens from the issuer at face value. No interest can be paid on these tokens.
The license Qivalis has received brings the company closer to its issuance goal, while the token’s launch will depend on the completion of the remaining obligations.
Not investment advice.