Qivalis Gets EMI License From Dutch Central Bank for Euro Stablecoin

European banking consortium Qivalis received Electronic Money Institution (EMI) authorization from De Nederlandsche Bank (DNB), the Dutch central bank. The Amsterdam-based company announced the license on Wednesday, October 14, 2026, in a statement shared with Cointelegraph.

The approval moves Qivalis closer to issuing a euro-denominated stablecoin. With the EMI license, the company now falls under ongoing supervision by DNB and is eligible to issue euro-denominated electronic money tokens.

What the EMI license means

EMI is a type of license in Europe that allows an entity to issue electronic money, not just process payments. In the crypto context, this license is one of the prerequisites before a company can issue a stablecoin officially recognized under the Markets in Crypto-Assets Regulation (MiCA), the European Union's crypto rulebook.

For Qivalis, the EMI from DNB means two things. First, the company is now directly supervised by a formal financial authority. Second, it has met one of the core requirements before it can issue euro electronic money tokens under MiCA.

Still, this license does not mean the stablecoin is ready to launch soon. Qivalis still needs to satisfy additional MiCA requirements and publish an official white paper before issuance can begin. The company said this process is targeted to wrap up within the coming months, without giving a specific date.

Who is behind Qivalis

Qivalis is not a single company but a consortium formed by a group of European banks. In May 2026, the consortium added 25 new banks across 15 countries, bringing the total to 37 supporting institutions. This scale of backing sets Qivalis apart from typical stablecoin issuers, usually backed by a single fintech firm or exchange.

Qivalis CEO Jan-Oliver Sell explained the reasoning behind the project. "We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards," he said, according to the statement cited by Cointelegraph.

That statement points to a motivation bigger than just launching a stablecoin business. Qivalis appears to want Europe's digital settlement infrastructure to rely less on assets issued and regulated outside the European jurisdiction.

The stablecoin market is still dollar territory

Data cited from DefiLlama shows the scale of the challenge Qivalis faces. Tether USDt's (USDT) market capitalization currently stands at $183 billion, more than 60% of the total $303 billion stablecoin market. That means most on-chain activity using stablecoins today is still dollar-based.

This dominance is no accident. Dollar stablecoins like USDT have existed longer, carry deep liquidity across nearly every exchange, and have become the de facto standard for trading pairs in global crypto markets. Qivalis is entering this market with a different approach, not a single fintech company but a bank consortium with direct regulatory backing from European authorities.

That approach could appeal to European financial institutions that want to use stablecoins but are reluctant to depend heavily on issuers supervised outside Europe. Still, matching USDT's liquidity and exchange adoption will take time.

Steps still ahead

The EMI license from DNB is the administrative foundation before Qivalis can apply for full issuer status under MiCA for its euro electronic money token. After EMI, the company still needs to prepare and publish a white paper explaining the stablecoin's mechanics to prospective users, as required by the regulation, before the token can actually be issued to the public.

Qivalis has not announced a firm launch date. The company only said issuance is planned within the coming months, subject to the applicable MiCA requirements.

What it means for traders

Qivalis's euro stablecoin is not yet a tradable instrument in the near term, since the license obtained so far is only the EMI stage, not a token issuance permit. What's worth watching is the publication of Qivalis's official white paper and a firm launch date, which the company has targeted for the coming months.

For those trading stablecoin pairs or using stablecoins for cross-exchange arbitrage, a new euro stablecoin fully supervised by a European regulator could add an option beyond USDT, especially for transactions involving European financial institutions. Liquidity is likely to remain far below dollar stablecoins in the early stage, though, given USDT's dominance of more than 60% of the $303 billion market.

Risks to watch include the possibility that Qivalis's MiCA compliance process slips past its stated timeline, as well as the typically slow early adoption curve for new stablecoins before they get integrated into the major exchanges traders actually use.

FAQ

What is the EMI license Qivalis received?

EMI, or Electronic Money Institution, is a license from European financial authorities that allows a company to issue electronic money, including euro-denominated electronic money tokens. Qivalis got this from De Nederlandsche Bank, the Dutch central bank.

When will Qivalis launch its euro stablecoin?

Qivalis said issuance is planned within the coming months, but it still depends on meeting additional MiCA requirements and publishing an official white paper.

How dominant are US dollar stablecoins right now?

According to DefiLlama data cited by Cointelegraph, USDT alone has a market cap of $183 billion, more than 60% of the total $303 billion stablecoin market.

Who backs Qivalis?

Qivalis is a European banking consortium. In May 2026, it added 25 new banks across 15 countries, bringing the total to 37 supporting institutions.