Dutch Central Bank Grants Qivalis EMI Status for Euro Stablecoin
Qivalis, an Amsterdam-based consortium backed by European banks, has obtained electronic money institution authorization from De Nederlandsche Bank. The approval allows it to operate under Dutch supervision and issue euro-denominated electronic money tokens, though it still needs to satisfy MiCA requirements and publish a white paper before launch. The planned token is intended as an on-chain settlement asset in euros, a market currently dominated by dollar-pegged stablecoins such as Tether’s USDt.
Qivalis, an Amsterdam-based group backed by European banks, secured EMI authorization from the Dutch central bank. This places it under De Nederlandsche Bank supervision and allows it to issue euro electronic money tokens. The consortium expects to begin issuance in the coming months.
Before launch, it must meet MiCA rules and release a white paper. The planned token is meant to settle transactions on-chain in euros. Dollar-pegged stablecoins dominate this market; Tether’s USDt is about $183 billion, over 60% of the roughly $303 billion total, according to DefiLlama. In May, Qivalis added 25 banks from 15 countries, bringing participants to 37.
If launched, a euro-backed token could give European businesses, consumers, and payment providers an alternative on-chain settlement option less exposed to dollar stablecoins. Banks in the consortium may gain a regulated route into digital asset infrastructure, while merchants and crypto users might see more euro liquidity. However, adoption may depend on MiCA compliance, white paper clarity, and whether exchanges and wallets support it. The broader effect could be incremental rather than immediate.