Dutch central bank grants Qivalis e-money license for euro stablecoin
Qivalis, a consortium backed by 37 European banks, is a step closer to issuing a regulated euro token under EU crypto rules.
A bank-backed European consortium won a Dutch license to issue a euro stablecoin, but still needs EU approvals before launch.
What happened
Qivalis, an Amsterdam-based consortium backed by 37 major European banks, has received an electronic money institution license from the Dutch central bank, known as DNB. That license lets it move closer to issuing a euro-denominated electronic money token, or EMT — a regulated type of stablecoin pegged to a single official currency.
The project still has to meet remaining requirements under the EU's Markets in Crypto-Assets regulation, including publishing a white paper. Qivalis plans to distribute the token through banks, cryptocurrency exchanges and payment providers in the coming months, not directly to consumers.
Why it matters
Under the EU rules, holders of EMTs can redeem their tokens at face value at any time, but the tokens cannot pay interest. That legal claim against the issuer is a key difference from some unregulated stablecoins. Dollar-backed stablecoins like USDC can also qualify as EMTs if they meet the EU requirements.
Qivalis has expanded to 37 banks since September 2025, including BBVA, BNP Paribas, ING and DZ Bank. It has selected Fireblocks to provide digital asset infrastructure. CEO Jan-Oliver Sell said: "Europe's currency deserves Europe's rules, onchain."
The source has no specific mention of Southeast Asian impact, so this is a European regulatory step. Still, it adds another possible regulated euro on-ramp for global traders to watch.
The takeaway: A bank-heavy consortium is one license step closer to a euro stablecoin, but a white paper and other EU boxes still need ticking.
Summary written by Oh Cannot from the original report by CoinDesk. Not financial advice.
