Banking consortium Qivalis has secured an electronic money institution license from the Dutch central bank (DNB), enabling it to issue a euro-pegged stablecoin. Backed by 37 European banks including BNP Paribas, ING and UniCredit, the consortium plans a full reserve model where each token will be backed by one euro held in reserve. The token will be deployed on the Ethereum blockchain and must comply with European MiCA regulations before launch. Distribution will occur through banks, exchanges and payment service providers, with no direct sales to the public. Founded in September 2025 by 9 banks, the consortium now comprises 37 institutions across 15 European countries, chaired by Sir Howard Davies.
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