Qivalis receives EMI authorization from Dutch central bank for euro stablecoin

European banking consortium Qivalis received Electronic Money Institution (EMI) authorization from the Dutch central bank, bringing it closer to issuing a euro-denominated stablecoin.

The Amsterdam-based company revealed the license from De Nederlandsche Bank (DNB) in a Wednesday announcement shared with Cointelegraph.

Qivalis said the EMI license subjects it to ongoing supervision by the central bank and makes it eligible to issue euro-denominated electronic money tokens.

The approval clears a key regulatory hurdle, bringing Qivalis closer to issuing its euro-denominated stablecoin under the Markets in Crypto-Assets Regulation (MiCA). The company plans to begin issuance within the coming months, subject to applicable MiCA requirements and the publication of its white paper.

Qivalis is looking to introduce a euro-denominated stablecoin into a market largely dominated by US dollar-based stablecoins. Tether USDt’s (USDT) $183 billion market capitalization accounts for over 60% of the total $303 billion stablecoin market, according to DefiLlama.

“We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards,” said Jan-Oliver Sell, CEO of Qivalis.

In May, Qivalis added 25 new banks across 15 countries, expanding to a total of 37 institutions backing it.