Qivalis receives EMI authorization from Dutch central bank for euro stablecoin
Qivalis said the EMI authorization enables it to launch a euro-denominated stablecoin, with issuance planned for the coming months, subject to additional MiCA requirements.
The Dutch central bank, De Nederlandsche Bank (DNB), has granted Electronic Money Institution (EMI) authorization to Qivalis, an Amsterdam-based banking consortium, paving the way for the launch of a euro-denominated stablecoin. The approval follows a key regulatory hurdle and paves the way for the company's planned issuance of the stablecoin in the coming months.
Qivalis CEO Jan-Oliver Sell expressed optimism about the potential of a euro-denominated on-chain settlement asset under European law and regulation. The move could significantly impact the stablecoin market, currently dominated by US dollar-based stablecoins such as Tether's USDT. Qivalis has also expanded its network of backing banks, now comprising 37 institutions across 15 countries.
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