Oct 14, 2026, 7:12 a.m. EDT
2 min read
Summary
- Qivalis, a consortium backed by 37 major European banks, received a Dutch electronic money institution license, bringing it closer to issuing a euro-denominated stablecoin.
- The company must still meet European Union requirements, including publishing a white paper, before launching the token through banks, cryptocurrency exchanges and payment providers in the coming months.
- Under the European Union’s Markets in Crypto-Assets regulation, holders of electronic money tokens can redeem them at face value at any time, but the tokens cannot pay interest.
Qivalis, the consortium backed by 37 major European banks, will soon be able to issue euro-denominated electronic money tokens (EMTs), a regulated form of stablecoin.
The Amsterdam-based company said that the Bank of the Netherlands (DNB) had granted it an electronic money institution license. Qivalis must still meet the remaining requirements under the European Union’s Markets in Crypto-Assets (MiCA) regulation, including publishing a white paper, before issuing its token, which it plans to do in the coming months.
The Dutch license brings Qivalis closer to offering banks and payment companies a way to transfer euros using blockchain technology. The consortium’s size gives it access to a large banking network, although Qivalis has yet to reveal which members will use the token or how much money they expect to move through EMTs.
Under MiCA, all EMTs are stablecoins, but not all stablecoins are EMTs, as the U.K. parliament has explained. EMTs are pegged to a single official currency, such as the euro or U.S. dollar, while other types of stablecoins can be linked to baskets of currencies or other assets. EMTs must be issued by authorized credit institutions or electronic money institutions, which means holders have a legal claim against the issuer and the right to redeem their tokens at face value at any time. EMTs cannot pay interest under MiCA.
Dollar-backed stablecoins such as USDC can also qualify as EMTs under MiCA if they meet the EU’s requirements. Issuers that do not meet the applicable rules cannot lawfully offer their tokens to the public in the EU.
“Europe’s currency deserves Europe’s rules, onchain,” said Jan-Oliver Sell, Qivalis CEO. “We believe Europe should have a euro-denominated onchain settlement asset issued under European law and subject to European regulatory standards.”
Qivalis plans to distribute its token through banks, cryptocurrency exchanges and payment providers rather than directly to consumers.
The consortium has expanded to 37 European banks, including BBVA, BNP Paribas, ING and DZ Bank, since its founding in September 2025. It has also selected Fireblocks to provide digital asset infrastructure.
Originally published at https://www.coindesk.com/policy/2026/10/14/dutch-regulator-approves-qivalis-as-electronic-money-institution-under-mica-rules.
