Qivalis Receives EMI Authorization from Dutch Central Bank for Euro Stablecoin
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Written by Zoltan Vardai staff writer Edited by Robert Lakin staff editor
Qivalis has secured an Electronic Money Institution (EMI) authorization from the Dutch central bank, a significant step towards issuing a euro-denominated stablecoin.
Announced on Wednesday, the license from De Nederlandsche Bank (DNB) allows Qivalis to issue euro-denominated electronic money tokens under supervision of the central bank. This approval paves the way for Qivalis to launch its stablecoin in the coming months, subject to additional requirements under the Markets in Crypto-Assets Regulation (MiCA).
Qivalis aims to introduce competition to the stablecoin market, currently dominated by US dollar-backed options like Tether USDt (USDT).
"We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards," said Qivalis CEO Jan-Oliver Sell.
Earlier this year, Qivalis added 25 new banks across 15 countries, expanding its backing to a total of 37 institutions.