Dutch Central Bank Approves Qivalis for MiCA-Compliant Euro Stablecoin

Qivalis, supported by BBVA, BNP Paribas and ING, has received Dutch regulatory approval to develop blockchain-based euro settlement services.

The consortium, which is backed by 37 major European banks, is moving closer to issuing euro-denominated electronic money tokens (EMTs), a regulated category of stablecoin.

The Amsterdam-based firm announced that the Dutch central bank, De Nederlandsche Bank (DNB), had granted it an electronic money institution license. However, Qivalis must complete the remaining requirements under the European Union’s Markets in Crypto-Assets (MiCA) framework before launching its token. These steps include publishing a white paper, with issuance expected in the coming months.

The authorization moves Qivalis closer to providing banks and payment firms with a blockchain-based method for transferring euros. Its extensive network of banking partners could help support adoption, although the company has not yet disclosed which members intend to use the token or the expected transaction volumes.

Under MiCA, every electronic money token is classified as a stablecoin, but not every stablecoin falls into the EMT category. As the U.K. Parliament has explained, EMTs are tied to a single official currency, such as the euro or U.S. dollar. Other stablecoins may instead be backed by a collection of currencies or different assets.

EMTs can only be issued by authorized credit institutions or electronic money institutions. This framework gives token holders a legal claim against the issuer and the right to redeem their holdings at face value at any time. MiCA also prohibits EMT issuers from paying interest on these tokens.

Dollar-pegged stablecoins, including USDC, may also qualify as EMTs if they comply with the EU’s regulatory standards. Tokens whose issuers fail to meet the relevant requirements cannot legally be offered to the public within the bloc.

“Europe’s currency deserves Europe’s rules, onchain,” Qivalis CEO Jan-Oliver Sell said. He added that Europe needs a euro-denominated settlement asset operating on blockchain infrastructure and issued under European law in accordance with the region’s regulatory standards.

Rather than selling directly to individual users, Qivalis intends to make its token available through banks, crypto exchanges and payment service providers.

Since its establishment in September 2025, the consortium has grown to include 37 European banks, among them BBVA, BNP Paribas, ING and DZ Bank. Qivalis has also appointed Fireblocks to supply the digital asset infrastructure supporting its planned operations.