Summary
The Qivalis consortium, made up of 37 European banks across 15 countries, has received an electronic money institution (EMI) license from the Dutch central bank (DNB), moving closer to issuing a MiCA-compliant euro-pegged e-money token. The token will be redeemable at par and pay no interest, and a…
Key points
- This is a key step toward Europe's banking system directly issuing a compliant euro stablecoin, shaping the direction of bank-led on-chain euro settlement.
- The banking consortium's EMI license means traditional finance is formally issuing on-chain euros under a compliant framework, potentially reshaping Europe's settlement market structure.
- European businesses and payment firms may soon obtain compliant euro stablecoins through banks and PSPs, expanding options for cross-border settlement and treasury management, though reserve and redemption rules will also be stricter.
Editorial note
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