TheTechno Optimist.

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Qivalis

Bank-issued euro stablecoin

NLprivateest. 2025qivalis.eu (opens qivalis.eu)Checked 11 Oct

The brief

Analyst view
  • Started by 9 banks in Sep 2025; 37 banks from 15 countries by May 2026.
  • Applied to De Nederlandsche Bank for an e-money licence; as of Oct 2026 the company aims to launch before the end of 2026.
  • Ethereum named as the issuing chain (Sep 2026); Fireblocks builds the token. Pitched as a European answer to dollar stablecoins.

Technical approach

As reported
Issuer

A licensed e-money company

Under MiCA, a euro stablecoin is e-money: the issuer needs a licence, must redeem tokens at par on demand and is supervised like a payments firm.

Reserves

Every token backed by a euro

Each token is matched 1:1 by reserves: at least 40% as deposits at several banks, the rest in short-dated euro-area government bonds.

Chain

Issued on public Ethereum

Announced in Sep 2026: the token goes on public Ethereum, where exchanges, wallets and lending apps already are, not on a private bank-only ledger.

Controls

Compliance built into the token

Fireblocks' ERC-20F token standard adds permissioned access, compliance controls and audit reporting, which banks need before they can handle a token.

Primer