Qivalis receives Dutch EMI license to launch euro stablecoin backed by 37 European banks

The Dutch central bank, De Nederlandsche Bank, grants Amsterdam-based Qivalis authorization as an Electronic Money Institution on October 14, 2026. Backed by a consortium of 37 European banks including ING, BNP Paribas, and BBVA, Qivalis aims to challenge U.S. dollar dominance in the $303 billion stablecoin market. Before issuing its euro-denominated token through institutional intermediaries, Qivalis must publish a MiCA-compliant white paper.

Qivalis EMI licensing and launch plans

• ▪Qivalis originally set a launch target for the second half of 2026 when founding bank members announced the Qivalis joint venture name in December 2025.
• ▪The Electronic Money Institution license places Qivalis under ongoing supervision by De Nederlandsche Bank and authorizes Qivalis to issue euro-denominated electronic money tokens.
• ▪Qivalis announced that issuance of its euro stablecoin is planned for the coming months, though Qivalis does not currently issue electronic money as of October 14, 2026.
• ▪De Nederlandsche Bank authorized Amsterdam-based Qivalis B.V. as an Electronic Money Institution on October 14, 2026.

MiCA regulations for electronic money tokens

• ▪Before issuing its euro-denominated token under MiCA rules, Qivalis must publish a crypto-asset white paper detailing the issuer, token rights, technology, and risks.
• ▪Under the EU Markets in Crypto-Assets regulation, electronic money tokens must be pegged to a single official currency, redeemable at face value at any time, and prohibited from paying interest.
• ▪Article 51 of the EU Markets in Crypto-Assets regulation specifies that regulatory authorities do not require prior approval of electronic money token white papers before publication.
• ▪MiCA requires electronic money token issuers to operate a full-reserve model, requiring significant issuers to keep at least 60% of reserve assets in bank deposits.

Qivalis distribution model and partner roles

• ▪Qivalis plans a B2B2X distribution model, offering euro tokens through banks, cryptocurrency exchanges, payment service providers, and market infrastructure participants rather than directly to consumers.
• ▪Distribution partners under the Qivalis model assume primary responsibility for customer onboarding, listing, market making, and executing redemption requests.

Qivalis banking consortium background

• ▪The Qivalis consortium originated in September 2023 with founding banks Danske Bank, ING, KBC, and Raiffeisen Bank International, expanding to 37 members by May 2026.
• ▪Qivalis is backed by a consortium of 37 European banks across 15 countries, including BBVA, BNP Paribas, ING, DZ Bank, ABN AMRO, and Rabobank.

Qivalis governance structure

• ▪Qivalis is governed by Supervisory Board Chairman Sir Howard Davies and a management team led by Chief Executive Officer Jan-Oliver Sell, CFO Floris Lugt, and COO Marco Hinz.
• ▪According to a May 2026 fact sheet, the Qivalis supervisory board consists of six members, comprising three independent members and three nominated by member banks.

Global stablecoin market landscape

• ▪According to DefiLlama data in October 2026, Tether USDt holds $183 billion of the $303 billion global stablecoin market, which is predominantly dominated by U.S. dollar-denominated tokens.
• ▪An ECB November 2025 stability review reported euro stablecoin supply at approximately 395 million euros, compared to U.S. dollar-denominated tokens accounting for 99% of total market capitalization.
• ▪Circle's euro-denominated stablecoin EURC surpassed 400 million euros in circulation by September 2026 across blockchain networks including Ethereum and Base.