The Dutch central bank (De Nederlandsche Bank, DNB) has granted Qivalis an Electronic Money Institution (EMI) licence, moving the 37‑bank consortium one step closer to issuing a euro‑denominated stablecoin under the EU's Markets in Crypto‑Assets Regulation (MiCA).
The licence, announced on Wednesday, subjects Qivalis to ongoing supervision by DNB and makes it eligible to issue euro‑denominated electronic money tokens (EMTs). Qivalis says it must still publish a white paper and satisfy the remaining MiCA requirements before launch, which it expects to occur in the coming months.
The pitch
Qivalis is a banking consortium. According to the reporting by CoinDesk, the group includes major European banks such as BBVA, BNP Paribas and ING, and in May it added 25 new banks across 15 countries, bringing the total to 37 institutions.
CEO Jan‑Oliver Sell framed the project as a sovereignty play:
"We believe Europe should have a euro‑denominated on‑chain settlement asset issued under European law and subject to European regulatory standards."
The market context is clear: stablecoins are still dominated by the US dollar. Cointelegraph notes that Tether's USDT has a $183 billion market cap, representing over 60 % of the $303 billion total stablecoin market (data from DefiLlama).
The catch
Two points stand out.
1. Product design. Under MiCA, EMT holders are entitled to redeem tokens at face value on demand, but the tokens cannot accrue interest. This makes them suitable for settlement‑type use cases, though less attractive as a store of value compared with interest‑bearing assets.
2. Demand uncertainty. CoinDesk points out that Qivalis has not identified which member banks will actually use the token or how much volume they expect to move. A consortium of 37 banks sounds impressive, but concrete user commitments have yet to be disclosed.
Outlook
The licence is real and the regulatory pathway is clear. MiCA provides a framework for banks to issue tokens that comply with European law, but regulation alone cannot create demand for a euro‑stablecoin that pays no interest, especially when the dollar‑based side already enjoys deep liquidity. Bank‑to‑bank settlement could still be a viable niche, but only time will tell whether Qivalis can convert its regulatory win into actual usage.
Sources
- CoinDesk: Dutch regulator approves Qivalis as electronic‑money institution under MiCA rules
- Cointelegraph: Qivalis wins Dutch e‑money license for euro stablecoin