BREAKING: 37 European Banks Win Dutch License for Euro Stablecoin — Qivalis Moves Closer to Launching Onchain Euro for Trading

 

 

Europe's biggest banks just cleared a major hurdle for a euro stablecoin. Qivalis, an Amsterdam-based company backed by 37 European banks, has received an electronic money institution license from the Dutch central bank, De Nederlandsche Bank. The group includes well-known names such as BBVA, BNP Paribas, ING and DZ Bank, with members spread across 15 European countries.

The license moves Qivalis closer to issuing a euro-denominated electronic money token under the European Union's MiCA rules. Under those rules, this type of token is tied one-to-one to the euro, holders have a legal right to redeem it at face value at any time, and the token cannot pay interest. The company still has remaining MiCA steps to complete, including publishing a white paper, before it can launch the token in the coming months.

Qivalis does not plan to sell the token directly to consumers. Instead, it plans to distribute it through banks, cryptocurrency exchanges and payment providers, and to offer it as onchain euro settlement infrastructure for banks and payment companies. The project has selected Fireblocks to provide its digital asset infrastructure.

For traders, this matters because most onchain settlement today runs through dollar-backed stablecoins. A regulated euro token backed by dozens of European banks could bring more euro liquidity onchain for trading, payments and tokenized assets, and give European institutions a home-currency option that is issued and supervised under European law.

What happens next will decide how big this becomes. Traders will be watching for the white paper, a firm launch date, and signs of which member banks will actually use the token for real payments and settlement. A license alone does not create volume, but with 37 banks behind it, this is now one of Europe's most serious stablecoin projects to watch.

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This post is news only, not financial advice. Always do your own research before buying or selling crypto.

Sources: CoinDesk, Cointelegraph, Traders Union, Crypto Economy