Key facts
- Qivalis received EMI authorization from the Dutch central bank.
European banking consortium Qivalis has received Electronic Money Institution (EMI) authorization from the Dutch central bank, paving the way for its planned euro-denominated stablecoin issuance in the coming months. The license subjects Qivalis to central bank supervision and aligns with the EU's Markets in Crypto-Assets Regulation (MiCA).
The approval of Qivalis by the Dutch central bank marks a step towards greater regulatory clarity and adoption of euro-denominated stablecoins within the European Union, potentially challenging the dominance of US dollar-based stablecoins in the digital asset market.
European banking consortium Qivalis has secured Electronic Money Institution (EMI) authorization from the Dutch central bank, De Nederlandsche Bank (DNB), a significant step toward launching its euro-denominated stablecoin. The license, announced on Wednesday, subjects Qivalis to ongoing central bank supervision and makes it eligible to issue euro-denominated electronic money tokens.
This approval clears a key regulatory hurdle under the European Union's Markets in Crypto-Assets Regulation (MiCA). Qivalis plans to commence issuance within the next few months, contingent on meeting further MiCA requirements and publishing its white paper. The company aims to introduce a euro-denominated stablecoin to a market currently dominated by US dollar-based assets, such as Tether USDt (USDT), which holds over 60% of the total stablecoin market capitalization.
"We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards," stated Jan-Oliver Sell, CEO of Qivalis. The consortium is supported by 37 institutions across 15 countries.
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