Qivalis, a European banking consortium, has received Electronic Money Institution (EMI) authorization from De Nederlandsche Bank (DNB), the Dutch central bank. This regulatory approval is a significant step towards the company’s goal of launching a euro-denominated stablecoin.
The authorization, announced Wednesday, permits Qivalis to issue euro-denominated electronic money tokens and subjects the consortium to ongoing supervision by the DNB. However, the actual issuance of a stablecoin is contingent upon meeting additional requirements under the Markets in Crypto-Assets Regulation (MiCA) and the publication of Qivalis’s white paper.
Qivalis aims to introduce a stablecoin denominated in euros into a market currently dominated by US dollar-based stablecoins. According to DefiLlama, Tether USDt (USDT) holds a market capitalization of $183 billion, representing over 60% of the total stablecoin market, which is valued at $303 billion.
“We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards,” said Jan-Oliver Sell, CEO of Qivalis. This strategic intent aims to provide a regulated, European-law compliant alternative in the stablecoin space.
In May, Qivalis expanded its backing, adding 25 new banks across 15 countries, bringing its total institutional support to 37 institutions. The timeline for the stablecoin’s launch remains subject to further regulatory developments and the completion of Qivalis’s internal documentation, including its white paper, with issuance anticipated in the coming months, pending these conditions. The market reception and competitive impact of this new euro-denominated stablecoin are yet to be determined.
Why This Matters
The materials describe a narrow update: Qivalis, a European banking consortium, received Electronic Money Institution (EMI) authorization from the Dutch central bank, De Nederlandsche Bank (DNB). Exact timing of stablecoin issuance is subject to additional MiCA requirements and white paper publication.
Broader Context
Source materials place the factual news in this context: Qivalis is looking to introduce a euro-denominated stablecoin into a market largely dominated by US dollar-based stablecoins.
