Analysis
Most in use are tied to the U.S. dollar and issued by non-bank companies. Qivalis is an attempt by a group of European banks to offer a euro alternative under European supervision. The licence clears a major condition, but the token is not yet live, and how widely banks, exchanges and payment firms will use it is not known.
The approval
Qivalis said De Nederlandsche Bank granted it authorisation as an electronic money institution, so it is now under the central bank's ongoing supervision and eligible to issue euro-denominated electronic money tokens [1]. The company said issuance is planned within the next months, subject to the requirements of the EU's Markets in Crypto-Assets Regulation (MiCA) and publication of a white paper describing the token [1]. In September, before the licence, the company confirmed the token would run on the public Ethereum blockchain, Insider reported [2].
Qivalis was founded in September 2025 and says it operates independently, with a supervisory board chaired by Howard Davies, a former chair of NatWest Group and of the UK Financial Services Authority [1]. It plans to hold full reserves behind the token and to distribute it through banks, exchanges, payment companies and market-infrastructure firms rather than directly to the public [1].
Why a euro stablecoin
Chief executive Jan-Oliver Sell framed the project as a matter of European control over payment infrastructure: "Europe's currency deserves Europe's rules - on-chain" [1]. The consortium grew from 12 banks to 37 in May 2026, when 25 new members joined [3].
What remains uncertain
The licence and plans are as described by Qivalis; De Nederlandsche Bank's register entry was not checked for this article. The start date, white paper and token details have not been published, and adoption is unknown.
Sources
- Qivalis: Qivalis receives authorisation as an Electronic Money Institution from De Nederlandsche Bank, October 14, 2026 ↗Source
- Stablecoin Insider: Thirty-seven European banks are putting their euro stablecoin on public Ethereum, September 2026 ↗Source
- Qivalis: Qivalis more than triples in size as 25 new banks join the consortium, May 20, 2026 ↗Source