Qivalis Wins Dutch EMI Licence for a MiCA Euro Stablecoin

Qivalis, a consortium backed by 37 European banks including BBVA, BNP Paribas, and ING, has secured an electronic money institution licence from De Nederlandsche Bank to issue a MiCA-compliant euro stablecoin. This regulatory milestone allows the Amsterdam-based firm to move toward issuing euro-denominated electronic money tokens, which are essential for onchain settlement under the European Union's Markets in Crypto-Assets regulation. By operating as a full-reserve product, the planned stablecoin aims to address the current structural dependency on non-euro rails, as euro-denominated assets currently represent only 0.2% of global stablecoin circulation. The consortium plans to distribute the token through institutional channels like banks and exchanges rather than direct-to-consumer, utilizing Fireblocks for its digital asset infrastructure. While the licence is a critical legal prerequisite, the project has yet to publish a white paper or disclose a specific token name, with issuance expected in the coming months. This development is particularly significant as European exchanges face an 8 January 2027 deadline to phase out non-compliant stablecoin exposures. Ultimately, the initiative seeks to provide a standardized, regulated settlement asset that aligns with European legal and supervisory frameworks.