Qivalis Secures Dutch EMI License as 37-Bank Consortium Prepares Euro Stablecoin

Qivalis, an Amsterdam-based consortium backed by 37 major European banks, received an electronic money institution license from the Bank of the Netherlands (DNB) to issue euro-denominated electronic money tokens (EMTs). Founded in September 2025, the consortium includes BBVA, BNP Paribas, ING, and DZ Bank, and has selected Fireblocks to provide its digital asset infrastructure. Qivalis must still fulfill remaining requirements under the European Union's Markets in Crypto-Assets (MiCA) framework, including publishing a white paper, before launching the token in the coming months. The company plans to distribute the euro stablecoin through banks, cryptocurrency exchanges, and payment providers rather than directly to consumers, though it has not yet disclosed which member banks will use the token or projected transaction volumes. Under MiCA rules, EMTs give holders a legal claim against the issuer for face-value redemption at any time, but issuers are prohibited from paying interest on the tokens. "Europe's currency deserves Europe's rules, onchain. We believe Europe should have a euro-denominated onchain settlement asset issued under European law and subject to European regulatory standards." — Jan-Oliver Sell, Qivalis CEO.