European banking consortium Qivalis has received authorization as an electronic money institution (EMI) from the Dutch central bank, bringing it closer to issuing a euro-denominated stablecoin.
Amsterdam-based Qivalis said it had received a license from De Nederlandsche Bank (DNB) in a statement published Wednesday and shared with Cointelegraph.
Qivalis said the EMI license entails ongoing supervision by the central bank and authorizes the company to issue euro-denominated electronic money tokens.
The approval removes a key regulatory hurdle and brings Qivalis closer to issuing a euro-denominated stablecoin in accordance with the Markets in Crypto-Assets Regulation (MiCA). The company plans to begin issuance in the coming months, subject to meeting applicable MiCA requirements and publishing a white paper.
Qivalis intends to introduce a euro-denominated stablecoin to a market dominated largely by stablecoins backed by the US dollar. According to DefiLlama, Tether USDt (USDT), with a market capitalization of $183 billion, accounts for more than 60% of the total $303 billion stablecoin market.
“We believe Europe needs a euro-denominated on-chain asset for settlements, issued in accordance with European law and subject to European regulatory standards,” said Qivalis CEO Jan-Oliver Sell.
In May, Qivalis added 25 new banks from 15 countries, bringing the total number of supporting institutions to 37.