The Dutch central bank granted Qivalis electronic money institution status on October 14, authorizing the company to issue a euro-pegged stablecoin. The consortium brings together 37 European banks, including BNP Paribas, BPCE and Crédit Mutuel, across 15 countries. Each token will be backed by 1 euro, with at least 40% of reserves held in bank deposits and the remainder in short-term eurozone government bonds. Issuance is expected in the coming months, on Ethereum. Only 0.2% of circulating stablecoins are denominated in euros, a market dominated by the American Circle whose EURC represents approximately half of this segment.
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