Qivalis, the Amsterdam-based company set up by European banks to issue a regulated euro-denominated stablecoin, has been granted authorisation as an electronic money institution (EMI) by De Nederlandsche Bank (DNB), it announced on 14 October 2026. The authorisation is granted under the Dutch Financial Supervision Act (Wet op het financieel toezicht, or Wft). The company is backed by 37 banks across 15 countries.
Qivalis is now subject to ongoing DNB supervision and, as an authorised EMI, is eligible to issue euro-denominated electronic money tokens. The company said a decisive regulatory condition for issuing its token is now met, with issuance planned to begin within the next months.
CONDITIONS BEFORE THE TOKEN GOES LIVE
Issuance of the token remains subject to the applicable requirements under the Markets in Crypto-Assets Regulation (MiCA) and publication of a White Paper. In May 2026 the consortium said it planned to launch in the second half of 2026, subject to regulatory approval, matching the target it set when it announced the Qivalis name on 2 December 2025.
Qivalis will operate a B2B2X model and distribute its token through eligible counterparties, including banks, exchanges, payment service providers and market infrastructure participants. Its stated mission is a fully regulated, 1:1-backed euro stablecoin that supports innovation across payments, settlement and digital assets.
GOVERNANCE AND MANAGEMENT TEAM
Governance rests with an independent management team and a supervisory board with independent representation. The board is chaired by Sir Howard Davies, former Chairman of NatWest Group and the UK Financial Services Authority. The Management Board comprises CEO Jan-Oliver Sell, CFO Floris Lugt, COO Marco Hinz and Chief Risk and Compliance Officer Olga Elsenga.
FROM NINE BANKS TO 37 MEMBERS
Nine banks (Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB and UniCredit) announced the project on 25 September 2025. They planned a MiCAR-compliant stablecoin issuer under DNB supervision. BNP Paribas joined on 1 December 2025, and on 2 December the venture was named Qivalis, then working towards DNB authorisation as an EMI.
In May 2026 Qivalis announced that 25 more banks were joining, taking membership to 37. ING lists the founding members as Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, RBI, SEB and UniCredit. ING argues that more participating banks increase liquidity, broaden distribution and support adoption. Founded in September 2025, Qivalis has reached licensing roughly a year later.
A EURO ALTERNATIVE IN A DOLLAR MARKET
More than 95% of global stablecoin supply is dollar-denominated, the gap Qivalis aims to address with a euro token. ING said stablecoins are increasingly used in wholesale banking for cross-border payments, treasury management and settlement of on-chain assets. It added that much of that activity runs on US dollars, which does not always fit European companies that do business in euros.
The market for euro tokens is small but growing. The combined market capitalisation of the eight MiCA-compliant euro stablecoins rose 128.0%, from $295.6 million to $673.9 million, over the year.
Related: Qivalis won Dutch electronic-money authorisation for planned euro stablecoin launch
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