Qivalis Secures EMI License for Euro Stablecoin from Dutch Central Bank
- Qivalis has received Electronic Money Institution (EMI) authorization from De Nederlandsche Bank (DNB).
- The license enables Qivalis to issue euro-denominated electronic money tokens under the Markets in Crypto-Assets Regulation (MiCA).
- Tether USDt (USDT) currently dominates the stablecoin market with a $183 billion market cap, accounting for over 60% of the total $303 billion market.
- Qivalis plans to begin issuance of its stablecoin within months, pending MiCA requirements and white paper publication.
- The company has expanded its backing to a total of 37 banks across Europe as of May.
The EMI license marks a significant regulatory milestone for Qivalis, allowing it to proceed with plans for a euro-denominated stablecoin. This move aims to provide an alternative in a market heavily influenced by US dollar-based stablecoins.
With Tether’s dominance in the stablecoin sector, Qivalis’s upcoming euro-denominated asset could reshape on-chain settlement options in Europe.(Source)
