Qivalis Secures EMI License from DNB to Launch Bank-Backed Euro Stablecoin

Qivalis has secured an Electronic Money Institution (EMI) license from the Dutch central bank, clearing the regulatory path for its euro-denominated stablecoin. Backed by a consortium of 37 European banks, the Amsterdam-based firm is positioning itself to provide a regulated, on-chain settlement asset that aligns with the European Union’s Markets in Crypto-Assets (MiCA) framework.

What was announced

Amsterdam-based Qivalis has been granted authorisation as an Electronic Money Institution (EMI) by De Nederlandsche Bank (DNB). This regulatory milestone places the company under the ongoing supervision of the Dutch central bank and permits it to issue euro-denominated electronic money tokens (EMTs). The authorisation represents a critical step in the company’s architecture, which has prioritised regulatory compliance since its inception in September 2025.

The company plans to begin the issuance of its EMT within the coming months. This process will be governed by the applicable requirements of the Markets in Crypto-Assets Regulation (MiCA) and will follow the publication of a formal White Paper. Qivalis operates on a B2B2X model, meaning it will not interface directly with retail users but will instead distribute its stablecoin through a network of eligible counterparties. These partners include commercial banks, cryptocurrency exchanges, payment service providers, and participants in market infrastructure.

Backed by a consortium of 37 European banks spanning 15 different countries, Qivalis is designed to provide a regulated on-chain settlement asset. The company maintains an independent management team and a supervisory board that includes independent representation. This structure is intended to ensure resilience and facilitate interoperability across various European financial markets while keeping the underlying infrastructure firmly rooted within Europe.

"Europe's currency deserves Europe's rules - on-chain. With this authorisation, Qivalis has taken a very important step towards issuing a euro-denominated EMT. As financial activity moves on-chain, the rules and supervision governing that infrastructure become a question of European autonomy. We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards. Today marks an important step towards making that a reality."

Jan-Oliver Sell, CEO of Qivalis.

The companies involved

Qivalis is an Amsterdam-based fintech firm specifically established to bridge the gap between traditional banking and on-chain finance through a regulated euro stablecoin. The company is notable for its significant institutional backing, counting 37 European banks from 15 countries among its supporters. This banking consortium provides the firm with a unique position in the market, as it operates independently while maintaining deep ties to the established financial sector.

The leadership of Qivalis includes Jan-Oliver Sell, who serves as the company’s CEO. The governance of the firm is overseen by a supervisory board chaired by Sir Howard Davies, who brings extensive regulatory and banking experience to the role. Sir Howard Davies, Chairman of the Supervisory Board at Qivalis, previously served as the Chairman of NatWest Group and was the first Chairman of the UK Financial Services Authority (FSA). This leadership structure is designed to navigate the complex intersection of digital asset regulation and traditional monetary policy. Unlike many stablecoin issuers that operate from offshore jurisdictions, Qivalis has positioned its oversight and infrastructure entirely within the European regulatory perimeter.

What FF News has reported before

FF News has closely followed the development of Qivalis as it prepares for its market entry. In October 2026, we reported that Qivalis Names Olga Elsenga as CRCO to Drive Regulated Euro Stablecoin Launch, a move that signalled the firm’s focus on risk management ahead of its licensing. The broader context of institutional interest in on-chain settlement was also highlighted in our coverage of Chainlink and Global Banking Giants Launch Project Pangea for T+0 FX Settlement. This earlier report detailed how major financial institutions are increasingly exploring blockchain technology to achieve faster settlement times, a trend that aligns with the infrastructure Qivalis is building. These developments suggest a coordinated effort among European financial players to modernise the plumbing of the financial system through regulated digital assets.

What this means

The granting of an EMI license to a bank-backed entity like Qivalis marks a shift in the stablecoin market, which has long been dominated by US dollar-pegged assets and non-bank issuers. By securing Dutch authorisation, Qivalis is challenging the status quo where digital liquidity often sits outside the direct supervision of European central banks. This move puts pressure on existing stablecoin providers to accelerate their MiCA compliance or risk being sidelined as institutional activity moves toward regulated "on-shore" alternatives. The central question for the sector now is whether a bank-consortium model can achieve the same liquidity and speed as its more agile, albeit less regulated, predecessors.