Qivalis has been approved, but its euro stablecoin cannot be used yet. On October 14, 2026, the Dutch central bank (DNB) granted Qivalis an electronic money institution (EMI) license. This is a key regulatory step for issuing a euro stablecoin, but the license itself does not mean the token is already live. Qivalis's official statement and several industry media reports use the same wording: the token is planned to launch in the coming months, provided the remaining MiCA requirements are met, including publishing a white paper. As of the time of verification for this article, Qivalis's euro stablecoin has not entered public circulation, and ordinary users cannot buy or use it on exchanges or in wallets.
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What was approved is the "right to issue", not "a usable coin"
The EMI license gives Qivalis the legal ability to issue euro-denominated electronic money tokens (EMTs) and places it under ongoing supervision by the Dutch central bank. But under the MiCA framework, before an EMT can be offered to the public, the issuer still needs to complete steps such as publishing a white paper. CoinPaprika's report puts it clearly: before issuance can begin, the company must publish a white paper, which MiCA requires to outline terms and risks before the token reaches the public. Until then, the EMI license authorizes the structure, but it does not yet authorize a usable token.
In other words, Qivalis is currently in a "licensed but no product" state. The license is a necessary step, not the finish line.
Qivalis's coin will not be sold directly to you
Even if the token launches in the coming months, its distribution model means ordinary users will not be able to simply place an order on an exchange like they would with USDC. Qivalis uses a B2B2X model, meaning the token is distributed through eligible counterparties, including banks, crypto exchanges, payment service providers, and market infrastructure participants. It is not sold directly to consumers. This means you would need to access it through a bank or exchange that has integrated Qivalis, and there is currently no public information confirming which specific platforms will list the token. Incrypted's report also notes that Qivalis has not yet disclosed which banks will use the token or how much settlement volume it plans to process through it.
It is entering a very small market
Even when Qivalis's token launches, the reality is that the euro stablecoin market is currently very small. As of October 14, 2026, the largest euro stablecoin, EURC, had a market cap of about 269 million US dollars, while USDT's market cap exceeded 180 billion US dollars during the same period, accounting for more than 60% of the entire stablecoin market. Euro stablecoins make up an extremely small share of the overall stablecoin market. Qivalis aims to provide an on-chain euro settlement asset governed by European law and regulatory standards, mainly for institutional settlement and payment use cases rather than everyday retail holding demand.
What signals will show it is "usable"
To determine whether Qivalis's euro stablecoin is truly usable, you need to see at least two specific signals: the white paper is officially published, and at least one exchange or bank that serves ordinary users clearly announces that it will list the token and open trading or conversion. Until then, any claim that "Qivalis's euro stablecoin is already usable" is ahead of the facts. If you care about the actual use of euro stablecoins, existing products like EURC are a more realistic choice right now. If you are tracking Qivalis's progress, the white paper publication is the next milestone to watch.
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References
- Qivalis·Qivalis obtient l'agrément de De Nederlandsche Bank en tant qu'établissement de monnaie électronique，2026-10-29
- CoinPaprika·37 European Banks Clear First Hurdle for a Regulated Euro Stablecoin，2026-10-29
- Incrypted·Consortium of 37 European banks Received License to Issue Euro Stablecoin，2026-10-29
- CoinGeek·The missing cash leg of tokenization is being built，2026-10-29
- CoinMarketCap·Bank-Backed Euro Stablecoin Issuer Qivalis Wins Dutch E-Money License，2026-10-29
- HTX Insights·Qivalis获得荷兰央行电子货币机构授权，即将发行欧元稳定币，2026-10-29
