The Netherlands’ central bank has granted Qivalis the status of an electronic money institution, a prerequisite for issuing a euro-pegged stablecoin that complies with the EU’s Markets in Crypto-Assets (MiCA) rules. While the licence removes a major barrier, the consortium must still satisfy remaining MiCA obligations, notably the publication of a detailed white paper, before the token can be introduced to the market.

Consortium composition and infrastructure

Formed in September 2025, Qivalis brings together a network of 37 leading European banks, including BBVA, BNP Paribas, ING and DZ Bank. This breadth gives the project access to a substantial banking ecosystem, though the firms that will actually adopt the token have not been disclosed. To support the digital-asset operations, Qivalis has partnered with Fireblocks, a provider of secure infrastructure for token issuance and custody.

Planned token rollout

The forthcoming token will be classified as an electronic money token (EMT) under MiCA, meaning it must be fully backed by euros and holders retain a legal claim to redeem the token at its face value on demand. Interest payments are prohibited for EMTs, distinguishing them from other stablecoin models. Qivalis intends to channel the token through traditional financial intermediaries—banks, crypto exchanges and payment service providers—rather than offering it directly to retail users.

Implications for European payments

By combining blockchain technology with a regulated euro-denominated asset, Qivalis aims to create a seamless on-chain settlement layer for the euro. The initiative reflects a broader push within the EU to align digital-currency innovation with existing regulatory frameworks, ensuring consumer protection while fostering interoperability across the continent’s financial infrastructure.

Why it matters

The approval signals growing institutional confidence in regulated stablecoins and could accelerate the adoption of blockchain-based settlement solutions in Europe. With a sizable banking consortium behind it, Qivalis may set a precedent for how legacy financial institutions engage with tokenised fiat assets, potentially reshaping cross-border payments and liquidity management across the Eurozone.