Qivalis Receives Electronic Money License
The 37-bank consortium can now move toward a stablecoin launch after securing regulatory approval from the Dutch central bank.
Updated on Oct. 24, 2026 in Financial Services
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De Nederlandsche Bank has granted an electronic money license to Qivalis, a banking consortium spanning 37 institutions across 15 countries. The consortium now moves to file a MiCA-compliant white paper to prepare for the launch of its stablecoin on the Ethereum mainnet.
Why it matters
The license marks a shift in how traditional banks manage digital asset issuance, following a year-long regulatory review of the consortium's back-office and compliance infrastructure. Operators should note how the project's reserve structure—40% bank deposits and the remainder in sovereign bonds—sets a precedent for institutional stablecoin standards.
The Qivalis consortium has expanded to 37 banks across 15 countries, up from 10 founding members in December 2025. The project must maintain at least 40% of its stablecoin backing in bank deposits and expects a 20-working-day regulatory review window for its white paper.
The players
Qivalis
An Amsterdam-based consortium of 37 European banks developing a stablecoin project.
De Nederlandsche Bank
The central bank of the Netherlands responsible for financial supervision and regulation.
Fireblocks
A digital asset infrastructure provider managing tokenization, governance, and monitoring.
The details
Qivalis leverages Fireblocks to handle tokenization, issuance, and ongoing transaction monitoring. The stablecoin will utilize the ERC-20 standard on the Ethereum mainnet, with future expansion planned for the Polygon and Base networks. Before issuance, the consortium must submit a white paper to De Nederlandsche Bank, which triggers a mandatory 20-working-day review process to ensure full regulatory compliance.
Timeline
December 2025: Qivalis began as a ten-bank joint venture.
April 2026: The group selected Fireblocks as its infrastructure partner.
May 2026: 25 additional banks joined the consortium.
September 8, 2026: Qivalis confirmed plans for an Ethereum mainnet launch.
October 14, 2026: De Nederlandsche Bank granted the electronic money license.
Market Landscape
The Qivalis license issuance marks a key progression under the Markets in Crypto-Assets (MiCA) regulation. This follows a broader industry trend where banking consortia are utilizing established regulatory frameworks to bridge traditional finance with public blockchain networks.
Operators in the financial sector should track the 20-working-day regulatory review period, as it sets the pace for the forthcoming stablecoin launch. Business leaders should also monitor the asset backing ratios used by Qivalis as a potential benchmark for institutional-grade digital reserves.
The takeaway
The successful licensing of Qivalis highlights how large-scale banking consortia are navigating complex digital asset compliance. Managers should monitor the pending DNB review process to gauge how European regulators interpret white paper requirements for multi-jurisdictional stablecoin projects.
Further reading
For more on industry shifts in digital assets, visit our Financial Services section.
Source note: This article includes information reported by Startup Fortune.
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