Europe’s banks have a euro stablecoin license. Can they win users?

Qivalis now has permission from the Dutch central bank to operate as an electronic money institution. Its proposed euro token still does not exist in circulation. Thirty seven banks backing an issuer could give it an unusually broad route into payments and settlement, but the issuer’s own distribution plan makes adoption depend on banks, exchanges and other intermediaries choosing to put the token to work. Summary Qivalis announced Dutch electronic money institution authorization on October 14, 2026. The proposed euro token has 37 bank backers across 15 European countries. Qivalis says issuance is planned within months and remains subject to a MiCA white paper. The issuer plans distribution through banks, exchanges, payment providers and market infrastructure firms. Qivalis says it does not currently issue electronic money or provide public payment services. The October 14 Qivalis announcement says De Nederlandsche Bank has authorized the Amsterdam company as an electronic money institution. The same page says Qivalis does not currently issue electronic money or provide payment services to the public. Those statements describe two stages, not a contradiction: a regulatory permissio...