Qivalis said Wednesday that De Nederlandsche Bank has authorised it as an electronic money institution, moving the bank-backed euro stablecoin project past a regulatory condition it had previously identified as necessary for issuance.
The Amsterdam company’s October 14 announcement says Qivalis B.V. is now subject to continuing DNB supervision and eligible to issue euro-denominated electronic money tokens. The announcement does not report a token launch: issuance remains planned for the coming months and subject to applicable MiCA requirements and publication of a white paper.
Cinco Días reporter Elisa Tasca reported Wednesday that company sources expect a November launch on Ethereum, with support for additional networks intended later. That is a reported plan. The company release gives the broader timing of the next few months, without naming a blockchain.
Qivalis is backed by 37 European banks across 15 countries. Tasca identifies seven Spanish participants, including BBVA, CaixaBank and Banco Sabadell. The consortium intends to distribute its token through partner institutions, rather than describing a direct consumer rollout in Wednesday’s announcement.
The proposed distribution network includes eligible banks, exchanges, payment providers and market infrastructure participants. Qivalis calls this a B2B2X model: its counterparties would provide the connections through which the euro token reaches customers and financial markets.
The company says its token will use a full-reserve model. Its stated applications include onchain payments and settlement, with an independent management team and a supervisory board chaired by former NatWest chairman Howard Davies. Those are the project’s planned operating arrangements; the website says Qivalis is not currently issuing electronic money or providing payment services to the public.
The status change follows the company’s October 5 appointment of risk and compliance chief Olga Elsenga, when it described authorisation as still in progress. Wednesday’s release marks a specific change in that account.
Sources
DNB grants electronic-money institution authorisation · Cinco Días: Qivalis obtains authorisation and plans November issuance · Risk and compliance appointment ahead of authorisation
