Qivalis Secures Dutch License as 37 Banks Move to Issue a Euro Stablecoin Under MiCA

De Nederlandsche Bank has granted Amsterdam-based Qivalis an electronic money institution license, moving a consortium of 37 European banks one step closer to issuing a euro-denominated stablecoin under the European Union’s Markets in Crypto-Assets (MiCA) framework. The Dutch central bank’s decision was reported by CoinDesk on October 14. It is the latest sign that European banks and regulators are assembling a homegrown alternative to the dollar-pegged stablecoins that still dominate most of the market. The approval does not put a token into circulation yet.