Qivalis, an Amsterdam company backed by 37 European banks in 15 countries, has been authorised as an electronic money institution (EMI) by De Nederlandsche Bank (DNB), the Dutch central bank. The company announced the licence on 14 October 2026.
The licence makes Qivalis eligible to issue a euro stablecoin, known under EU rules as an electronic money token (EMT). It has not issued one yet. According to Qivalis, issuance is “planned to begin within the next months” and still depends on meeting the requirements of MiCA, the EU’s crypto rulebook, and on publishing a white paper, the formal disclosure document a token issuer must release.
What Qivalis says
“Europe’s currency deserves Europe’s rules – on-chain,” said Jan-Oliver Sell, Qivalis’s chief executive. “With this authorisation, Qivalis has taken a very important step towards issuing a euro-denominated EMT.”
“We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards,” he added.
Qivalis says it is now under ongoing supervision by DNB. Its supervisory board is chaired by Sir Howard Davies, a former chairman of NatWest Group and of the UK’s old Financial Services Authority.
Who it is for
Qivalis will not sell its token directly to the public. It describes a “B2B2X” model: it plans to distribute the token through banks, crypto exchanges, payment firms and financial market infrastructure, which would then offer it to their own customers.
The consortium’s members include BBVA, BNP Paribas, ING and DZ Bank, according to CoinDesk, which also reported that Qivalis has chosen the crypto custody firm Fireblocks to provide its digital asset infrastructure.
What the rules mean for holders
CoinDesk explained what being an EMT means under MiCA. Holders have a legal claim against the issuer and the right to redeem their tokens at face value at any time. EMTs also cannot pay interest.
Why banks are doing this
Euro stablecoins are a tiny part of the market. In May, Qivalis said only 0.2% of global stablecoin circulation was in euros, with most of the rest in dollars. The banks want a euro alternative issued under European rules.
What we don’t know yet
Qivalis has not said how much money it expects to move through the token, or which of its member banks will use it, as CoinDesk also noted. The white paper has not been published. In May, Qivalis was aiming to launch in the second half of 2026; it now says issuance is planned “within the next months”, without a firm date.
What this means
- A key regulatory step is done. With the licence, the main condition for issuing a bank-backed euro stablecoin is met.
- The token still has to arrive. MiCA requirements and a white paper come first.
- Scale is the big question. Thirty-seven banks is a large network, but none has said how it will use the token.
Sources
- Qivalis, “Qivalis receives authorisation as an Electronic Money Institution from De Nederlandsche Bank”, 14 October 2026. https://qivalis.eu/press/news/qivalis-receives-authorisation-as-an-electronic-money-institution-from-de-nederlandsche-bank (also via EIN Presswire: https://www.einpresswire.com/article/949521837/qivalis-receives-authorisation-as-an-electronic-money-institution-from-de-nederlandsche-bank)
- CoinDesk (Olivier Acuna), “Dutch central bank grants Qivalis e-money license for MiCA-compliant euro token”, 14 October 2026. https://www.coindesk.com/policy/2026/10/14/dutch-regulator-approves-qivalis-as-electronic-money-institution-under-mica-rules
- Qivalis, “Qivalis More Than Triples in Size as 25 New Banks Join the Consortium — Accelerating Institutional Shift Towards a Fully Regulated Euro Stablecoin”, 20 May 2026. https://qivalis.eu/press/news/qivalis-more-than-triples-in-size-as-25-new-banks-join-the-consortium-accelerating-institutional-shift-towards-a-fully-regulated-euro-stablecoin
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