Amsterdam-based Qivalis, owned by a consortium of 37 European banks from 15 countries, announced on October 14 that De Nederlandsche Bank has authorised it as an electronic money institution. That is the licence required to issue a euro-pegged stablecoin under the EU’s Markets in Crypto-Assets Regulation, or MiCA.
The Dutch central bank entered the authorisation in its public register a day earlier. Qivalis expects to begin issuing the token within the next few months, once it publishes a white paper and meets the remaining MiCA requirements. The ticker, initial supply, reserve size and exchange listings have not been disclosed.
CEO Jan-Oliver Sell framed the approval as a matter of autonomy, saying: “Europe’s currency deserves Europe’s rules – on-chain.” The consortium has said the token will be issued on public Ethereum using an ERC-20F standard with compliance and identity controls built in, while Fireblocks will supply tokenisation and custody infrastructure.
The project began in September 2025 with nine founding banks. It unveiled the Qivalis brand in December 2025 as BNP Paribas joined, added BBVA as its 12th member in February 2026, and expanded to 37 banks in May 2026, bringing in names such as ABN AMRO, Rabobank, Intesa Sanpaolo and Nordea. Qivalis plans a B2B2X model, issuing the token to banks, exchanges, payment firms and market infrastructure providers.
Euro stablecoins remain small next to roughly $300 billion in dollar stablecoins. The Digital Euro Association counted €727.6 million in active euro stablecoin supply across 15 tokens and 20 blockchains as of September 28, up from about €450 million in January. On-chain transfers reached €16.46 billion in the preceding 30 days.
Circle’s EURC leads with about €460 million, benefiting from the exchange relationships built around USDC. Société Générale’s SG-FORGE launched EUR CoinVertible in 2023 and has since added a dollar stablecoin and tokenised securities. AllUnity, set up by DWS, Flow Traders and Galaxy, launched USDAU on September 30 across six blockchains and is integrating EURAU into Clearstream custody with Deutsche Börse.
Under MiCA, a single-currency stablecoin counts as an electronic money token. Holders have a direct claim against the issuer and can redeem at face value, while the issuer cannot pay interest simply for holding the token. Issuers must keep at least 30% of reserves as deposits with credit institutions, rising to 60% if the token is deemed significant. That deposit benefit helps explain why banks are pooling behind one shared token.
The ECB has warned that fast growth could turn euro stablecoin issuers into meaningful buyers of government bonds, while supervisors reported in September that about 30% of surveyed banks plan to tokenise deposits and around 20% plan to issue e-money tokens. A Qivalis token would remain private money, legally distinct from the planned digital euro, and would not fall under the €100,000 deposit guarantee.
The first real test will be the white paper, which should reveal reserve composition, redemption mechanics and the launch network. After that, distribution partners and initial circulation data will show whether a bank-backed euro stablecoin can compete with Circle, Société Générale and other early movers.
