Qivalis secures Dutch EMI license to launch bank-backed euro stablecoin - CoinDesk

Qivalis has obtained an Electronic Money Institution (EMI) license from Dutch regulators, clearing the way for the firm to issue a euro-denominated stablecoin backed by a consortium of banks. The license places Qivalis under the oversight of the Dutch central bank, a framework that requires issuers to hold reserves matching outstanding tokens and to comply with EU anti-money laundering rules.

The development matters because it signals that bank-backed stablecoin projects are moving from concept toward regulated operation in Europe. Unlike many earlier stablecoins, which drew scrutiny over reserve transparency, an EMI-licensed issuer operates under defined supervisory obligations. That distinction could shape how institutions and payment providers assess counterparty risk when using euro tokens.

What to watch: whether the consortium's member banks begin integrating the token into settlement or treasury workflows, and how the project develops ahead of the EU's broader Markets in Crypto-Assets (MiCA) regime for stablecoin issuers. Adoption by regulated financial firms, rather than token price, is likely the more meaningful indicator of traction.