European banking consortium Qivalis has achieved a major regulatory milestone after securing Electronic Money Institution (EMI) authorization from De Nederlandsche Bank, the central bank of the Netherlands. The Amsterdam-based enterprise announced the approval in a Wednesday disclosure, marking a definitive step forward in its long-standing ambition to introduce a compliant, euro-denominated stablecoin to the digital asset ecosystem.
The newly granted EMI license subjects Qivalis to ongoing, rigorous supervision by the Dutch central bank. More importantly, it formally makes the consortium eligible to issue euro-denominated electronic money tokens. This pivotal regulatory clearance bridges a significant gap for the institutional banking group, bringing it substantially closer to actualizing its tokenized settlement asset under the comprehensive framework of the European Union’s Markets in Crypto-Assets Regulation, commonly known as MiCA.
According to the consortium’s current roadmap, Qivalis plans to initiate the issuance of its euro-denominated stablecoin within the coming months. However, the launch remains strictly subject to fulfilling additional MiCA requirements and the official publication of its formal white paper. As European regulators continue to roll out the world’s first comprehensive regulatory framework for digital assets, compliance with MiCA has become an essential prerequisite for any stablecoin issuer hoping to operate legally and at scale within the bloc.
The strategic push by Qivalis comes at a time when the global stablecoin market is overwhelmingly dominated by United States dollar-pegged assets. Data from DefiLlama highlights the stark imbalance in the current ecosystem, where Tether’s USDT boasts a staggering market capitalization of approximately $183 billion. Together with other USD-denominated stablecoins, dollar-pegged tokens account for well over 60 percent of the total $303 billion global stablecoin market. This dominance leaves the European Union with limited native options for on-chain transactions and settlements denominated in its own fiat currency.
Jan-Oliver Sell, the Chief Executive Officer of Qivalis, emphasized the broader macroeconomic and structural necessity of the consortium’s initiative following the announcement. He noted that Europe urgently requires a native, euro-denominated on-chain settlement asset that is not only issued under European law but is also bound by the highest European regulatory standards. By aligning directly with European regulatory oversight, Qivalis aims to provide institutional and retail market participants with a trusted alternative to foreign dollar stablecoins, mitigating potential systemic risks associated with reliance on non-European currency rails for digital commerce.
The regulatory approval from De Nederlandsche Bank is the culmination of substantial organizational growth and institutional networking over the past year. In May, Qivalis significantly bolstered its backing by adding 25 new banks spread across 15 different European countries. This expansion brought the total number of financial institutions supporting the consortium to an impressive 37 entities, giving Qivalis a broad foundation of banking support and industry expertise as it prepares to navigate the complex landscape of digital asset issuance and European regulatory compliance.
