Qivalis has secured an electronic money institution license from the Dutch central bank, moving closer to launching a euro-denominated token designed for blockchain-based payments and settlements. The project is backed by a consortium of 37 major European banks, including BBVA, BNP Paribas and ING.

The Amsterdam-based company confirmed that De Nederlandsche Bank (DNB) had approved its application. Before issuing its electronic money token (EMT), Qivalis must fulfil the remaining obligations under the European Union’s Markets in Crypto-Assets (MiCA) regulation, including publishing a white paper. The company expects to launch the token within the coming months.

The regulatory approval paves the way for Qivalis to offer banks and payment providers a blockchain-based option for transferring euros. While its extensive network of banking partners could support adoption, the company has not yet revealed which institutions intend to use the token or the volume of transactions they may process.

Under MiCA, electronic money tokens are a specific category of stablecoin linked to a single official currency, such as the euro or the U.S. dollar. Other stablecoins can derive their value from multiple currencies or different assets. This means every EMT is a stablecoin, but not every stablecoin qualifies as an EMT.

The EU framework requires EMTs to be issued by authorized credit institutions or electronic money institutions. Holders have a legal claim against the issuer and can redeem their tokens at face value at any time. Issuers are also prohibited from paying interest on EMT holdings.

Dollar-backed stablecoins, including USDC, can qualify as EMTs if they meet the EU’s regulatory conditions. Issuers that fail to comply with the applicable rules cannot legally offer their tokens to the public in the European Union.

Qivalis CEO Jan-Oliver Sell said Europe needs an onchain settlement asset denominated in euros and governed by European law. He stressed the importance of ensuring that blockchain-based financial services involving the region’s currency remain subject to European regulatory standards.

Qivalis plans to make its token available through banks, cryptocurrency exchanges and payment companies rather than selling directly to consumers.

Established in September 2025, the consortium has since expanded to include 37 European banks. Its members include BBVA, BNP Paribas, ING and DZ Bank. Qivalis has also selected Fireblocks to provide the digital asset infrastructure required to support the initiative.