Qivalis, backed by 37 banks, wins a Dutch e-money licence for its euro token
Qivalis, a consortium backed by 37 European banks, received a Dutch e-money institution licence and plans to issue a euro stablecoin in the coming months. It must still publish a MiCA white paper before it can issue.
The Investor · Invest desk
What happened
- Qivalis will distribute the token through banks, exchanges, payment service providers and market infrastructure participants, and plans no direct sales to consumers.
- The consortium has grown to 37 banks, among them BBVA, BNP Paribas, ING and DZ Bank, since its founding in September 2025, and they come from 15 countries.
- Qivalis is now under ongoing supervision by the Dutch central bank, DNB, as an authorised e-money institution.
- Under MiCA, holders of these tokens can redeem them at face value at any time, but the tokens cannot pay interest.
Why it matters
- What it limits constraint Qivalis plans no consumer sales, so every exchange or payment provider that declines to integrate the token is a channel it cannot replace.
- Who has to decide decision Banks, exchanges and payment providers now weigh Qivalis against dollar-backed tokens such as USDC, which can also qualify as EMTs under MiCA.
- Who's exposed exposure Holders have a legal claim against the issuer, so every member bank using the token carries its redemption risk on one shared Qivalis.
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The licence shortens the list of things that can go wrong. The Paypers reports that Qivalis's remaining steps toward launch now centre on MiCA obligations, not on authorisation of the issuing entity [6], and the one obligation both outlets name is a white paper that Qivalis writes itself [2]. We think issuance in the coming months [2] is the likelier path, though "coming months" is the company's phrase and not a date.
Demand is the open number. CoinDesk reports that Qivalis has yet to reveal which members will use the token or how much money they expect to move through it [9]. With interest barred under MiCA [10], a member that holds the token earns nothing on the balance, so the case for using it rests on what it settles.
The structure is a pooling decision. The Paypers describes 37 banks behind a single supervised issuer instead of individual institutions pursuing separate euro tokens [14]. Had every member gone alone, that would be up to 37 token programmes against one [15].
Qivalis CEO Jan-Oliver Sell framed the licence as a question of jurisdiction. "Europe's currency deserves Europe's rules, onchain," said Sell [13]. MiCA lets a dollar-backed token such as USDC qualify under the same rules [11], so counterparties can pick either one under a single rulebook.
We would be wrong if the white paper slips well past "the coming months", or if the token launches and the 37 members still decline to say how much they will move through it [1][9].
What to watch
- Publication of the Qivalis white paper and a dated first issuance.
- Whether member banks name how they will use the token and what volumes they expect.
- Whether exchanges and payment providers list the token alongside USDC-style EMTs.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
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Reality
- Evidence72
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- Incentives60
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- [1]
Qivalis, a consortium backed by 37 major European banks, received an electronic money institution license from the Bank of the Netherlands (DNB), bringing it closer to issuing a euro-denominated stablecoin.
- [2]
Qivalis must still meet the remaining requirements under MiCA, including publishing a white paper, before issuing its token, which it plans to do in the coming months.
- [3]
Qivalis is now subject to ongoing supervision by DNB.
- [4]
Qivalis will operate a B2B2X model, distributing its EMT through eligible counterparties including banks, exchanges, payment service providers and market infrastructure participants.
- [5]
Qivalis plans to distribute its token through banks, cryptocurrency exchanges and payment providers instead of directly to consumers.
- [6]
According to The Paypers, with EMI status secured, Qivalis's remaining steps towards launch now centre on MiCA obligations, not on the authorisation of the issuing entity itself.
- [7]
The consortium brings together 37 banks from 15 countries behind a single supervised issuer.
- [8]
The consortium has expanded to 37 European banks, including BBVA, BNP Paribas, ING and DZ Bank, since its founding in September 2025.
- [9]
Qivalis has yet to reveal which consortium members will use the token or how much money they expect to move through EMTs.
- [10]
Under MiCA, holders of electronic money tokens can redeem them at face value at any time, but the tokens cannot pay interest.
- [11]
Dollar-backed stablecoins such as USDC can also qualify as EMTs under MiCA if they meet the EU's requirements.
- [12]
EMTs must be issued by authorized credit institutions or electronic money institutions, so holders have a legal claim against the issuer and the right to redeem at face value at any time.
- [13]
"Europe's currency deserves Europe's rules, onchain," said Jan-Oliver Sell, Qivalis CEO.
- [14]
The Paypers describes the consortium model as 37 banks behind a single supervised issuer, instead of individual institutions pursuing separate euro-denominated tokens.
- [15]
If each of the 37 members launched its own token, there would be up to 37 token programmes against the one shared issuer.
Sources
6 independent publishers whose own reporting we read for this story.
- coindesk.comDutch central bank grants Qivalis e-money license for MiCA-compliant euro token
1 article · October 14, 2026
- cointelegraph.comQivalis receives EMI authorization from Dutch central bank for euro stablecoin
1 article · October 14, 2026
- crypto.newsEurope’s banks have a euro stablecoin license. Can they win users?
1 article · October 15, 2026
- cryptoslate.comQivalis wins Dutch EMI license, but MiCA rules block launch
1 article · October 14, 2026
- pymnts.comStablecoin Firm Qivalis Moves Closer to Issuing Electronic Money Tokens
1 article · October 14, 2026
- thepaypers.comQivalis secures EMI authorisation from De Nederlandsche Bank
1 article · October 14, 2026
Topics and entities
Topics
- Bank-issued tokens
- Euro-denominated stablecoins
- MiCA Regulation
Entities
- De Nederlandsche Bank
- Markets in Crypto-Assets Regulation
- Tether USDt
- Fireblocks