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. 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 permission and a product still awaiting issuance, white paper publication and actual distribution.

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