Qivalis has received Electronic Money Institution authorization from De Nederlandsche Bank, a regulatory step that moves the Amsterdam-based banking consortium closer to issuing a euro-denominated stablecoin.

The company said the authorization makes it eligible to issue euro-denominated electronic money tokens under the EU’s Markets in Crypto-Assets framework. Qivalis said issuance is planned in the coming months, though it remains subject to additional MiCA requirements and the publication of a white paper.

Dutch approval advances launch plans

Qivalis disclosed the authorization from the Dutch central bank in an announcement on Wednesday. According to the company, the EMI license places it under the central bank’s ongoing supervision while allowing it to pursue issuance of a euro-based digital token.

The approval removes a major regulatory obstacle for the project. Under MiCA, the company said the stablecoin can move toward launch once the remaining applicable requirements are met.

A bid to expand euro stablecoin options

Qivalis is entering a market where dollar-linked tokens remain overwhelmingly dominant. Data cited from DefiLlama shows Tether USDt holds a market capitalization of $183 billion, representing more than 60% of the broader $303 billion stablecoin sector.

Against that backdrop, Qivalis is positioning its product as a euro-denominated settlement asset issued under European law. CEO Jan-Oliver Sell said Europe should have an onchain euro settlement instrument that operates within European regulatory standards.

Consortium growth adds banking support

The company has also been expanding the banking base behind the initiative. In May, Qivalis added 25 banks across 15 countries, bringing the total number of supporting institutions to 37.

That wider banking backing gives the project a broader institutional footprint as it works through the final steps required before issuance can begin.

What comes next

Qivalis said it aims to start issuing the euro-denominated stablecoin in the coming months. For now, that timeline remains conditional on satisfying the remaining MiCA obligations and releasing the project’s white paper.

The EMI authorization marks a significant milestone, but the company has not said that issuance is immediate. The next confirmed step is completion of those additional regulatory and disclosure requirements before the token can launch.

Source: cointelegraph.com