From Cointelegraph · By Zoltan Vardai
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.
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