Qivalis Euro Stablecoin Consortium Wins Dutch EMI Licence Thirteen Months After Launch

Qivalis, the euro stablecoin consortium backed by 37 European banks, has received authorisation as an Electronic Money Institution from De Nederlandsche Bank (DNB), clearing the central regulatory hurdle required to issue a euro-denominated electronic money token under the Markets in Crypto-Assets (MiCA) regulation. The consortium says stablecoin issuance is planned within the coming months, making the timeline from announcement to licence notably compressed: the project was unveiled in September 2025 with nine founding banks, quadrupled its membership by May 2026, and now holds its licence just thirteen months after its first public appearance.

Before issuance can begin, Qivalis must file its white paper with DNB, which then has 20 working days to complete its review. Reserves will be held across banks and are not necessarily restricted to consortium shareholders. Fireblocks provides the digital asset infrastructure, and distribution is structured as a business-to-business-to-anyone (B2B2X) model running through banks, crypto exchanges, payment service providers, and market infrastructure participants.

Qivalis joins Quantoz Payments, Fiat Republic, and Aplauz as DNB-licensed euro stablecoin issuers, but it is the first to carry a bank consortium structure behind it. Its supervisory board is chaired by Sir Howard Davies, former chairman of NatWest Group and the UK Financial Services Authority, a governance choice that reads as a signal aimed at institutional counterparties and regulators rather than at crypto-native audiences. Chief executive Jan-Oliver Sell framed the project in terms of European monetary sovereignty, arguing that as financial activity moves on-chain, the supervision of that infrastructure becomes a question of European autonomy.