Europe’s banks are a step closer to having a euro stablecoin of their own. De Nederlandsche Bank (DNB) has authorised Qivalis as an electronic money institution, which means the Amsterdam company is now eligible to issue euro tokens under the EU’s Markets in Crypto Assets Regulation (MiCA).
Behind it sit 37 banks from 15 countries. The approval was announced on 14 October, and DNB now supervises the company on an ongoing basis.
Approved, but not live
Qivalis calls the authorisation a decisive regulatory condition. Even so, nothing has been issued yet. The plan is to start within the next months, once MiCA’s requirements are met and a White Paper is out. That’s the disclosure document the rules demand before any token goes to market. For now, Qivalis says it does not issue electronic money or provide payment services to the public.
The company describes its go to market approach as B2B2X. Distribution will run through eligible counterparties: banks, exchanges, payment service providers and market infrastructure firms. Qivalis plans to issue the stablecoin under a full reserve model.
Jan-Oliver Sell, the chief executive, framed the approval as a matter of European autonomy. As financial activity moves on chain, he said, the rules and supervision governing that infrastructure become a question for Europe to settle under its own law.
Ten months from launch plan to approval
The venture was unveiled in December 2025 with a launch pencilled in for the second half of 2026. It has grown fast since then. BBVA came on board in February, and another 25 banks joined in May, more than tripling the group.
An independent management team runs the business. Sir Howard Davies, who previously chaired NatWest Group and the UK Financial Services Authority, leads its supervisory board, which also has independent members. Olga Elsenga started as Chief Risk and Compliance Officer on 1 October.
What treasurers should take from it
If your company settles in euros, how this token is built matters as much as the approval itself. It’s issued under EU law, watched by a eurozone central bank, and distributed through banks, exchanges and other eligible counterparties rather than sold to the public directly. That could let treasury teams settle euros on chain without leaving the regulated relationships they already rely on.
Digital Trade Outlook’s View: The Licence Was the Easy Part
Getting a licence was never going to be hard for a business backed by 37 banks. Getting the token used is the hard part. Qivalis wins only if those banks offer it to corporate treasurers as a real way to settle, priced and serviced like any other payment product, not parked as a hedge in case the market leaves them behind. If they push it, non bank issuers lose their best line, that they were ready and the banks weren’t. If they don’t, Europe ends up with a fully licensed euro stablecoin that its own banks barely touch.
Related on Digital Trade Outlook
- Can Tokenised Bank Money Travel? Commercial Bank of Dubai Becomes the First Middle East Bank to Find Out
- Ant International Tests Dirham and Dollar Transfers on HSBC’s Tokenised Deposit Service in the UAE
- ANZ Becomes First Australian Bank on Swift’s Ledger With Live BHP Payment
Image: Qivalis