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Qivalis, a Dutch stablecoin fintech, has been authorised as an electronic money institution (EMI) by De Nederlandsche Bank, clearing a key regulatory hurdle on its path to issuing a euro-pegged stablecoin.
The venture began as a project between Danske Bank, ING, KBC, and Raiffeisen Bank International in 2023, with the Qivalis brand revealed in December 2025. The company now boasts backing from 37 European banks across 15 countries.
With its EMI secured, Qivalis is eligible to issue euro-denominated electronic money tokens (EMTs) under the Markets in Crypto-Assets Regulation (MiCA). The company says it plans to begin issuing "within the next month".
This development comes a week after Qivalis announced the appointment of Olga Elsenga as chief risk and compliance officer to support the company through its authorisation and launch phase.
The Amsterdam-headquartered firm shares that it will operate a B2B2X model, distributing its EMT through "eligible counterparties including banks, exchanges, payment service providers and market infrastructure participants".
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"As financial activity moves on-chain, the rules and supervision governing that infrastructure become a question of European autonomy," says Qivalis CEO Jan-Oliver Sell, adding, "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."
About the Author
Reporter, FinTech Futures
Cameron Emanuel-Burns, a reporter at FinTech Futures, is dedicated to enhancing the accessibility of fintech for a broader audience. He has contributed articles to various media platforms and possesses a strong interest in all aspects of fintech. Prior to his involvement in the financial industry, Emanuel-Burns worked in the podcasting field, where he held editorial, hosting,and production positions for renowned production companies, covering diverse topics. With a research master's degree in conflict analysis, he conducted a study on the influence of anti-refugee policies on extremism.