Qivalis Euro Stablecoin Wins Dutch E-Money Licence From DNB

The Qivalis euro stablecoin cleared a major milestone this week. On October 14, Qivalis announced that De Nederlandsche Bank (DNB), the Dutch central bank, has authorised it as an Electronic Money Institution. That licence is the regulatory foundation the bank-backed venture needs to issue a euro-denominated stablecoin under Europe's MiCA framework, and it moves the project from consortium plan to supervised financial institution.

• Licence: Electronic Money Institution authorisation from De Nederlandsche Bank under the Dutch Financial Supervision Act.
• Backers: 37 European banks across 15 countries, up from the 12 founding banks announced earlier this year.
• Launch timing: token issuance planned "within the next months," after a MiCA white paper is published.
• Model: fully reserved and distributed business-to-business through banks, exchanges, payment firms and market infrastructure.

What Is Qivalis?

Qivalis is an Amsterdam-based company founded in September 2025 by a group of European banks to create a regulated euro stablecoin. When we first covered the Qivalis euro stablecoin and its 12 founding banks, the consortium was just taking shape. It has since grown to 37 banks in 15 countries, and CoinDesk reports that members include BBVA, BNP Paribas, ING and DZ Bank.

The company is led by CEO Jan-Oliver Sell, and its supervisory board is chaired by Sir Howard Davies, a former chair of NatWest Group and the UK Financial Services Authority.

Why Does an EMI Licence Matter Under MiCA?

Under the EU's Markets in Crypto-Assets regulation, a stablecoin tied to a single official currency is classed as an electronic money token. Only authorised credit institutions or e-money institutions can issue one. By securing its EMI authorisation, Qivalis now sits under ongoing DNB supervision and can move to the final step: publishing a MiCA white paper before issuance begins.

Sell summed up the project's goal in the announcement: "Europe's currency deserves Europe's rules - on-chain." That line captures the appeal. Most stablecoin volume today is denominated in US dollars, and a bank-backed euro token gives European businesses a native option for on-chain settlement.

How Will the Qivalis Stablecoin Be Distributed?

Qivalis is not building a consumer app. It will use what it calls a B2B2X model, issuing the token to eligible counterparties such as banks, crypto exchanges, payment service providers and market infrastructure firms, who then offer it to their own customers. Reserves will be held on a full-reserve basis, meaning each token is backed one-for-one by euro assets. If you want a refresher on how that backing works, our guide to how stablecoins work covers reserves and redemption in plain language.

The company notes it does not yet issue e-money or provide payment services to the public, and neither Qivalis nor CoinDesk has named a launch date or a specific blockchain.

What This Means for European Crypto

A licensed, bank-backed euro stablecoin could make on-chain payments far easier for European companies that need to stay inside the regulated system. With dozens of established banks behind it and a supervisor now in place, Qivalis looks well positioned to become a core building block for euro-based tokenized finance. Follow the launch in our crypto coverage.

This article is for information only and is not investment advice.

Sources: Qivalis, Qivalis receives authorisation as an Electronic Money Institution from De Nederlandsche Bank — October 14, 2026; CoinDesk, Dutch regulator approves Qivalis as electronic money institution under MiCA rules — October 14, 2026.