European banking consortium Qivalis has secured Electronic Money Institution (EMI) authorization from the Dutch central bank, taking a significant step toward launching a euro-backed stablecoin in the regulated European market.
EMI License Paves Way for Stablecoin
The Amsterdam-based company stated on Wednesday that it received the EMI license from De Nederlandsche Bank (DNB). This authorization places Qivalis under strict supervision by the Dutch central bank, enabling the company to issue electronic money tokens denominated in euros.
With this regulatory milestone, Qivalis moves closer to introducing its euro-denominated stablecoin, which will be issued under the Markets in Crypto-Assets Regulation (MiCA), the region’s primary framework for digital assets. The company indicated plans to commence issuance within the next few months, provided all MiCA requirements are fulfilled and the project’s white paper is released.
The introduction of a euro-backed stablecoin comes as US dollar-based stablecoins dominate the global market. According to data from DefiLlama, Tether USDt (USDT) currently holds a $183 billion market capitalization, accounting for more than 60% of the worldwide $303 billion stablecoin market.
European Focus and Industry Expansion
Qivalis aims to strengthen the euro’s position within the digital asset ecosystem, directly addressing the current imbalance with US dollar-pegged competitors. CEO Jan-Oliver Sell emphasized the need for a local alternative:
“We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards.”
Earlier this year, Qivalis broadened its consortium by adding 25 banks from 15 different countries, increasing the total number of partner institutions to 37. This rapid expansion highlights the growing support for a unified, regulated European stablecoin initiative and demonstrates a collective readiness among banks to back new digital payment instruments.
Stablecoin Market Remains Competitive
The euro-denominated stablecoin project has attracted attention as regulatory clarity becomes increasingly critical for adoption among traditional financial entities. Projects seeking to operate within the European Union must adhere to MiCA standards, with oversight from relevant authorities such as De Nederlandsche Bank.
This regulatory approval plays a crucial role for both Qivalis and the European digital asset market at large, since compliant stablecoin offerings can provide a foundation for cross-border settlements, institutional transactions, and retail integration within the region’s financial system.
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The move by Qivalis comes amid heightened interest in regulated euro-backed stablecoins, with financial leaders and regulators across the continent scrutinizing new products for compliance and financial stability.
Looking ahead, the success of Qivalis’ launch may influence the pace and scope of future digital euro initiatives throughout the region.
