Dutch central bank licenses Qivalis for euro stablecoin

The Dutch central bank granted Qivalis an electronic-money institution authorization, a key regulatory step toward the consortium's planned euro-denominated stablecoin. The project is backed by banks including BBVA, BNP Paribas and ING and aims to support onchain euro settlement under European rules.

MiCA places reserve, redemption and issuer obligations on regulated e-money tokens. A license establishes a route for the issuer to operate, but it does not mean the token is already widely distributed or accepted across exchanges and payment systems.

The development is notable because major banks are building shared stablecoin infrastructure rather than relying exclusively on third-party dollar tokens.