Qivalis Secures Dutch Licence as Banks Prepare Euro Stablecoin

• Dutch approval clears a major regulatory hurdle for Qivalis.
• The euro token still requires MiCA disclosures before issuance.
• A shared banking network could support institutional distribution.
• Qivalis will enter a market with established euro stablecoin competitors.

Qivalis has secured an electronic money institution licence from De Nederlandsche Bank (DNB), moving a stablecoin initiative supported by 37 European banks closer to commercial launch.

The Amsterdam-based company announced the authorization on October 14, with plans to issue its euro-denominated electronic money token (EMT) in the coming months. The consortium includes BBVA, BNP Paribas, ING and DZ Bank, alongside institutions from 15 European countries.

The approval establishes Qivalis as an authorized electronic money issuer under Dutch supervision. Its significance extends beyond the licence itself: the participating banks are attempting to establish a common euro settlement asset for financial transactions conducted on blockchain networks.

Qivalis CEO Jan-Oliver Sell connected the project to Europe’s control over its financial infrastructure.

“As financial activity moves on-chain, the rules and supervision governing that infrastructure become a question of European autonomy,” he said in the company’s announcement.

The venture now faces a commercial challenge that regulatory approval cannot resolve. It must persuade financial institutions to use the token for actual payments and settlement.

Dutch Authorization Sets the Regulatory Foundation

Under the European Union’s Markets in Crypto-Assets Regulation (MiCA), an issuer of an electronic money token linked to a single official currency must generally be authorized as a credit institution or an electronic money institution.

Qivalis has satisfied that requirement.

Its planned token must still comply with the disclosure and notification obligations governing public offerings and admission to trading.

Two provisions establish the relevant timetable:

• Article 48: An EMT issuer must generally notify its competent authority at least 40 working days before the intended public offering or admission to trading.
• Article 51: The issuer must notify its crypto-asset white paper at least 20 working days before publication and make the document publicly available before the offering begins.

The MiCA framework does not require prior regulatory approval of an EMT white paper. Responsibility for the document’s accuracy and completeness remains with the issuer.

Qivalis has yet to publish its final white paper or announce a precise issuance date. Its website also confirms that the company does not currently issue electronic money or provide payment services to the public.

The next stage will establish the token’s legal terms, operating arrangements and market availability.

A Shared Stablecoin Could Reduce Banking Fragmentation

Qivalis began with 12 participating banks before adding another 25 institutions in May 2026.

The expansion brought in lenders including ABN AMRO, Rabobank, Intesa Sanpaolo, Nordea and Bank of Ireland.

A common issuer offers an alternative to each bank developing its own token, reserve arrangements and distribution infrastructure.

That distinction has practical implications for settlement.

If two institutions use separate bank-issued tokens, transferring value between them may require additional conversion, redemption or liquidity arrangements. A shared instrument could simplify those interactions, provided both institutions support the same token and underlying network.

The consortium structure does not eliminate those requirements, but it gives participating banks a common starting point.

Qivalis operates independently of its shareholders. Its supervisory board is chaired by Sir Howard Davies, the former chairman of NatWest Group and the UK’s Financial Services Authority.

The governance arrangement separates the issuing company from the individual banks supporting the project.

It also means Qivalis, rather than every shareholder bank, will carry the legal obligations associated with its issued tokens.

Qivalis Will Compete With Existing Euro Stablecoins

The European market is not waiting for Qivalis to introduce its first regulated euro token.

Circle already issues EURC, a MiCA-compliant euro stablecoin available across several blockchain networks, including Ethereum, Solana, Base, Avalanche and Stellar.

EURC can be used for cryptocurrency trading, transfers and other blockchain-based financial activities. Circle also provides institutional issuance and redemption services through Circle Mint.

Qivalis is therefore entering an established market rather than creating a new product category.

Its potential competitive advantage lies in the banking consortium behind it.

While Circle has built distribution through digital-asset markets and financial partners, Qivalis intends to use relationships with traditional European lenders to support institutional payments and settlement.

The difference is primarily commercial, not regulatory. Both models must comply with applicable European rules governing electronic money tokens.

A bank-supported distribution network could make Qivalis attractive to financial institutions that prefer integrating digital settlement into existing banking relationships.

Yet participation in the consortium does not guarantee that every shareholder will distribute the token, provide liquidity or use it for transactions.

That distinction will matter when Qivalis begins reporting adoption.

Banks and Payment Providers Will Control Market Access

Qivalis plans to distribute its token through a business-to-business-to-everything model, known as B2B2X.

Under that arrangement, banks, cryptocurrency exchanges, payment service providers and market infrastructure operators would connect the token to their own customers and services.

The company is targeting several financial activities:

• Cross-border settlement: Moving euro-denominated value between eligible financial institutions without relying exclusively on conventional correspondent banking arrangements.
• Digital-asset markets: Providing exchanges and trading platforms with a regulated euro settlement instrument.
• Tokenized securities: Supporting the cash component of transactions involving blockchain-based bonds and other financial assets.

These applications would require technical integration, sufficient liquidity and participation from the relevant counterparties.

Tokenized securities settlement presents a particularly interesting opportunity. A euro stablecoin could provide the payment leg of a transaction in which the security and cash move through compatible blockchain infrastructure.

Such arrangements may reduce settlement delays and counterparty exposure when properly designed, although the benefits depend on the legal and technical structure.

Qivalis has not confirmed which services will be available at launch or named a complete group of initial distribution partners.

Token Holders Will Have Redemption Rights, Not Deposit Insurance

Qivalis intends to issue its stablecoin under a full-reserve model, with each token designed to represent one euro.

Under MiCA, EMT holders have a claim against the issuer and the right to redemption at par value.

The token nevertheless differs from a conventional bank deposit.

Its legal claim is against Qivalis as issuer, rather than automatically against BBVA, BNP Paribas, ING or another shareholder bank.

The MiCA white paper requirements also require a warning that EMTs are not covered by EU deposit guarantee or investor compensation schemes.

A further restriction prohibits issuers and crypto-asset service providers from granting interest merely for holding an EMT.

These distinctions matter for institutional treasuries assessing the token as a payment instrument.

The final white paper should clarify reserve management, redemption procedures, technological dependencies and the legal arrangements governing token holders.

Those disclosures will be essential for comparing Qivalis with existing regulated euro stablecoins.

Fireblocks Provides the Issuance Infrastructure

Qivalis selected Fireblocks as its core digital-asset infrastructure provider in April 2026.

According to the Fireblocks announcement, the platform will support token issuance, distribution, treasury management and lifecycle operations.

The infrastructure is intended to provide the transaction controls and operational processes needed to manage a stablecoin across institutional environments.

Technology readiness, however, is only one component of a functioning settlement network.

Qivalis will also need financial intermediaries capable of supporting issuance and redemption, alongside trading venues or payment providers willing to maintain liquidity.

The company has not disclosed an initial token supply, confirmed transaction volumes or a complete list of launch integrations.

Those figures, once available, will provide the first meaningful evidence of whether Europe’s banking consortium can translate its regulatory and institutional backing into a competitive euro settlement network.