Euro Stablecoin Race Heats Up as 37-Bank Qivalis Wins Its Licence

Qivalis can now legally issue a euro stablecoin under EU crypto rules. Issuance still depends on the publication of the token’s white paper. Thirty-seven European banks are backing one shared issuer for the token. Circle and Société Générale already run euro tokens with a head start on liquidity. Qivalis, the Amsterdam company owned by a consortium of 37 European banks from 15 countries, announced on October 14 that De Nederlandsche Bank (DNB) has authorised it as an electronic money institution, the licence it needs to issue a euro-pegged stablecoin under the EU’s Markets in Crypto-Assets Regulation (MiCA).