Qivalis, the euro stablecoin consortium backed by 37 European banks, has been authorized as an Electronic Money Institution by De Nederlandsche Bank. The license clears the central regulatory hurdle for issuing a euro-denominated electronic money token (EMT) under MiCA, with Qivalis saying the stablecoin issuance is planned within the coming months. The speed is notable. The project was unveiled in September 2025 with nine founding banks, quadrupled its membership by May, and has its license thirteen months after the first announcement.
Before the token goes live, Qivalis must file its white paper with DNB, which has 20 working days to review it. Reserves will be spread across banks and not necessarily limited to consortium shareholders, as Qivalis has previously confirmed. Fireblocks provides the digital asset infrastructure, and distribution will follow a B2B2X model through banks, crypto exchanges, payment service providers and market infrastructure participants.
Qivalis joins Quantoz Payments, Fiat Republic and Aplauz among firms licensed by DNB to issue euro stablecoins, but it is the first backed by a consortium of banks. Its supervisory board is chaired by Sir Howard Davies, former chairman of NatWest Group and the UK Financial Services Authority, a governance signal aimed at regulators and institutional counterparties rather than crypto-native ones.
“As financial activity moves on-chain, the rules and supervision governing that infrastructure become a question of European autonomy,” said CEO Jan-Oliver Sell. “We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards.”
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