European consortium of 37 financial institutions moves to issue euro stablecoin

Qivalis, a banking consortium made up of 37 major financial institutions across 15 European countries, has obtained an Electronic Money Institution license from the Dutch central bank and is moving to issue a euro-denominated stablecoin, according to Ripple. The license means the consortium has met key regulatory requirements under the EU’s Markets in Crypto-Assets regulation, or MiCA. After a white paper review by the Dutch central bank, Qivalis plans to launch the stablecoin within months. The stablecoin will be backed one-to-one by the euro and is intended for institutional investor payment and settlement services, as well as tokenized asset trading. Member firms in the Qivalis consortium use Ripple Custody, Ripple said.