Qivalis wins Dutch e-money license for euro stablecoin
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Qivalis, a European banking consortium based in Amsterdam, has received Electronic Money Institution (EMI) authorization from the Dutch central bank (De Nederlandsche Bank). This license allows Qivalis to issue a euro-denominated stablecoin, planned for launch in the coming months pending compliance with additional Markets in Crypto-Assets Regulation (MiCA) requirements and release of its white paper.
Why it matters
The approval marks a significant regulatory step towards introducing a euro-based stablecoin in a market currently dominated by US dollar-based tokens like Tether (USDT). Qivalis aims to provide a euro-denominated on-chain settlement asset that complies with European law and regulatory standards.
Key context
Qivalis’ EMI license subjects it to ongoing oversight by the Dutch central bank, a prerequisite for issuing electronic money tokens. The stablecoin market is heavily dominated by US dollar-pegged coins, with USDT alone accounting for over 60% of the total $303 billion stablecoin market according to DefiLlama. Qivalis recently expanded its banking support to 37 institutions across 15 countries.
Key numbers and entities
Qivalis, De Nederlandsche Bank (DNB), Jan-Oliver Sell (CEO of Qivalis), Tether (USDT), $183 billion (USDT market cap), $303 billion (total stablecoin market cap), 37 banks across 15 countries.
What remains unclear
The exact timeline for the stablecoin’s issuance remains subject to additional MiCA requirements and the publication of Qivalis’ white paper. Details on how Qivalis plans to differentiate its euro stablecoin or specific operational mechanisms are not disclosed.