CoinDesk
The Dutch central bank granted Qivalis an electronic money institution license, advancing the 37-bank consortium’s plan to issue a euro-denominated stablecoin. The Amsterdam-based company still must meet MiCA requirements, including publishing a white paper, before its planned launch in the coming months.
Why it matters
The license puts Qivalis closer to offering banks and payment companies an onchain way to transfer euros. Its backers include BBVA, BNP Paribas, ING and DZ Bank, though Qivalis has not disclosed which members will use the token or the expected transaction volumes.
Under MiCA, electronic money tokens are pegged to a single official currency and must be issued by an authorized credit institution or electronic money institution. Holders have the right to redeem them at face value, while issuers cannot pay interest. Dollar-backed stablecoins such as USDC can also qualify if they meet EU requirements.
Market impact
Qivalis plans to distribute the token through banks, crypto exchanges and payment providers, rather than directly to consumers. That approach positions the project as settlement infrastructure for financial institutions, not simply a retail stablecoin.
The license is a regulatory step, not a launch approval: the remaining MiCA requirements still apply. Qivalis has also selected Fireblocks for digital-asset infrastructure, while its 37-bank network gives the project a broad potential distribution base.
Frequently asked questions
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What does Qivalis's Dutch license authorize?
It grants Qivalis an electronic money institution license, bringing the consortium closer to issuing a euro-denominated electronic money token.
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Can Qivalis launch its token immediately?
No. Qivalis still must meet MiCA requirements, including publishing a white paper, before issuing the token.
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How can holders redeem a MiCA electronic money token?
Holders have the right to redeem an electronic money token at face value at any time.
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Can a MiCA electronic money token pay interest?
No. MiCA electronic money tokens cannot pay interest.
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How does Qivalis plan to distribute its euro token?
Qivalis plans to distribute it through banks, cryptocurrency exchanges and payment providers, rather than directly to consumers.
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