Qivalis EMI License: Euro Stablecoin by 37 Banks

Qivalis, backed by 37 European banks, secures an EMI license from the Dutch central bank to issue a euro-denominated stablecoin under MiCA.

An electronic money institution (EMI) license has been secured from the Dutch central bank (DNB) by Qivalis, a consortium made up of 37 European banks. The Amsterdam-based company now intends to issue a euro-denominated electronic money token (EMT) under the EU's Markets in Crypto-Assets (MiCA) regulation. A major stride toward regulated euro stablecoins is represented by the Qivalis EMI license.

What happened

The Dutch central bank issued an EMI license to Qivalis, clearing it to issue electronic money tokens tied to the euro. Founded in September 2025, Qivalis has expanded to encompass major European banks including BBVA, BNP Paribas, ING, and DZ Bank. Fireblocks has likewise been chosen by the consortium to supply digital asset infrastructure.

Even so, Qivalis has yet to satisfy the rest of the MiCA conditions, among them the publication of a white paper, prior to issuing its token. Launch is anticipated within the next few months, according to the company. Which members will adopt the token, or how much money they foresee moving via EMTs, remains undisclosed.

Why it matters

Within the MiCA framework, every EMT qualifies as a stablecoin, though the reverse does not hold true. An EMT tracks one official currency—the euro or U.S. dollar, for instance—and only authorized credit institutions or electronic money institutions may issue it. Those holding EMTs possess a legal claim on the issuer along with the entitlement to redeem tokens at face value whenever they choose. Crucially, MiCA prohibits EMTs from paying interest.

Stablecoins backed by the dollar, USDC among them, may be classified as EMTs under MiCA provided they satisfy EU requirements. Tokens from issuers failing to comply with applicable rules may not lawfully be offered to the public within the EU. Europe thus gains a distinct regulatory framework for stablecoins.

Rather than selling directly to consumers, Qivalis intends to distribute its token via banks, cryptocurrency exchanges, and payment providers. Such a strategy might offer banks and payment companies a means of moving euros through blockchain technology, with the potential to boost efficiency and lower costs.

Market reaction

The news of the Qivalis EMI license has not yet triggered significant price movements in major cryptocurrencies. However, the broader stablecoin market continues to evolve. Diversified RWA stablecoin yields currently range from 5-7%, while crypto funding rates are around 4%. The total addressable market for such assets is projected to grow by $4 billion in three years.

What to watch next

Investors should monitor Qivalis's progress in fulfilling the remaining MiCA requirements, particularly the publication of its white paper. The exact timing of token issuance is stated only as "in the coming months," so delays are possible. Additionally, the consortium's choice of which banks will use the token and the expected transaction volumes remain unknown.

Regulatory developments around EMTs and stablecoins in the EU could impact the competitive landscape. As more institutions enter the space, the adoption of euro-denominated stablecoins may accelerate, but challenges related to interoperability and user adoption persist.

FAQ

What is an electronic money token (EMT)?

A stablecoin tied to one official currency, like the euro or U.S. dollar, can take the regulated form known as an EMT. MiCA requires EMTs to be issued by authorized credit institutions or electronic money institutions, while holders may redeem tokens at face value at any time. Paying interest is not permitted for EMTs.

Why did Qivalis receive an EMI license?

An EMI license was issued to Qivalis by the Dutch central bank so it could issue a euro-denominated EMT under MiCA. With this license, the consortium can give banks and payment companies a method of transferring euros through blockchain technology, contingent on further regulatory conditions being met.

How does the Qivalis EMI license affect crypto investors?

The license could lead to greater adoption of euro-denominated stablecoins, providing an alternative to dollar-backed stablecoins like USDC. For investors, this may mean more options for on-chain euro exposure and potentially increased liquidity in euro pairs. However, the token is not yet live, and its impact will depend on uptake by banks and payment providers.

Qivalis EMI License: 37 Banks Push Euro Stablecoin