Qivalis consortium secures Dutch licence for euro stablecoin

Qivalis, a consortium of 37 European banks, has secured an electronic money institution (EMI) licence from the Dutch central bank, De Nederlandsche Bank (DNB). This regulatory approval is a significant step toward the launch of a euro-denominated stablecoin.

The consortium includes major financial institutions such as BBVA, BNP Paribas, and ING, spanning 15 different countries. The project intends to utilize the Ethereum blockchain for its operations, marking a shift toward using open decentralized networks rather than proprietary closed systems.

While the licence allows Qivalis to operate under regulatory supervision, full issuance is subject to the European Union’s Markets in Crypto-Assets (MiCA) regulation. The company must still publish a white paper outlining the token’s features, technology, and associated risks before the stablecoin can be offered to the public or admitted to trading. The launch is anticipated in the coming months.