Consortium of 37 European banks Received License to Issue Euro Stablecoin

• Qivalis has received a license from the Dutch regulator.
• 37 European banks in the consortium are preparing a euro stablecoin.
• BBVA, BNP Paribas, ING, and others backed the project, but it is still unclear which banks will become users of the new token.

The Dutch regulator has granted Qivalis an electronic money institution license, bringing a consortium of 37 European banks closer to launching a euro-pegged stablecoin. The company announced this on October 14, 2026. 

The authorization from the Dutch central bank (DNB) will allow Qivalis to develop euro settlement infrastructure on blockchain, but before issuing the token, the company must meet the remaining requirements of the EU’s MiCA regulation, including publishing a technical document — a white paper.

How the Qivalis Stablecoin Will Work

Qivalis plans to issue an electronic money token (EMT) whose value is pegged to the euro. The company expects to distribute it through banks, crypto exchanges, and payment providers, rather than directly to retail users.

“Europe’s currency deserves Europe’s rules – on-chain. […] 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 Zell, Qivalis CEO.

The consortium was founded in September 2025. Since then, it has expanded to 37 European banks, including BBVA, BNP Paribas, ING, and DZ Bank. To provide digital asset infrastructure, Qivalis selected Fireblocks.

At the same time, the organization has not yet disclosed which banks will use the token or what settlement volumes they plan to run through it.

Which MiCA Requirements Apply to a Euro Stablecoin

Under MiCA, electronic money tokens are a type of stablecoin pegged to a single official currency. Issuing them requires authorization as a credit institution or an electronic money institution.

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Such tokens must grant holders the right to request redemption at face value at any time. At the same time, EMT issuers are prohibited from paying interest on these assets.

The rules apply not only to the euro, but also to stablecoins pegged to the US dollar, including USDC, provided they meet EU requirements. Issuers that fail to comply with the relevant standards cannot legally offer their tokens to the general public in the European Union.

The launch of Qivalis comes amid efforts by European financial institutions to strengthen the euro’s role in digital settlements. In particular, this could create an alternative to dollar-denominated stablecoins for payments between banks and companies.

As a reminder, the European Central Bank is looking for partners to test the digital euro with AI agents.

Сообщение Consortium of 37 European banks Received License to Issue Euro Stablecoin появились сначала на INCRYPTED.