Qivalis Receives License to Launch Euro-Pegged Stablecoin
- On October 14, the Dutch central bank issued Qivalis an electronic money institution license.
- The license supports a consortium of 37 banks, including BBVA, BNP Paribas, ING, and DZ Bank, in launching a euro-pegged stablecoin.
- Qivalis must fulfill requirements under the EU’s Markets in Crypto-Assets regulation before issuing the token.
- The electronic money token (EMT) will be distributed via banks and payment providers rather than directly to retail users.
- Under MiCA regulations, EMT issuers are prohibited from paying interest on tokens and must allow redemption at face value.
This authorization positions Qivalis to enhance the euro’s role in digital settlements as European financial institutions seek alternatives to dollar-denominated stablecoins for interbank transactions. The consortium was established in September and has grown significantly since then.
With the recent licensing, Qivalis is closer to launching its euro-pegged stablecoin as it navigates regulatory requirements essential for compliance within the EU framework. (Source)
