Qivalis, an Amsterdam-based joint venture developing a fully regulated MiCA-compliant euro stablecoin, has expanded its consortium to include 25 new banks.

 

 

With this expansion, the Qivalis consortium now comprises 37 banks across 15 European countries, including major names such as ABN AMRO, Rabobank, Nordea, Intesa Sanpaolo, Banco Sabadell, and Bankinter.

 

Created in early December last year, the Qivalis consortium is a group of European banks that came together to develop a stablecoin pegged to the euro. By launching a euro-pegged stablecoin, Qivalis aimed to create a credible and regulated alternative to the widely used United States dollar stablecoin.

 

The Qivalis euro-backed stablecoin would also eliminate the need for European banks to launch competing bank-issued stablecoins, as it is interoperable and fully compliant with MiCA across the European Union and the European Economic Area.

 

The consortium is currently pursuing an Electronic Money Institution license from De Nederlandsche Bank, the Dutch central bank, with plans to launch a euro-backed stablecoin in the second half of this year.

 

The State of the Stablecoin Market

The stablecoin market continues to grow significantly, with more traditional finance institutions entering and tapping into the expanding sector. According to a recent report, total stablecoin liquidity, or market capitalization, has crossed $320 billion, with US dollar-backed stablecoins accounting for about 95% of the market.

 

Tether (USDT) remains the most widely used US dollar-backed stablecoin, accounting for about 57.96% of the market, or approximately $ 185 billion in market capitalization. USD Coin (USDC) follows, accounting for about 24% of the market and having a market capitalization of roughly $78-79 billion.

 

The euro-denominated stablecoin market still represents a small fraction of the global stablecoin market. According to CoinGecko, euro-denominated stablecoins have a combined market capitalization of roughly $670 million, with EURC from Circle and EURS from Stasis being the two most prominent, with market caps of $436 million and $145 million, respectively.

 

 

Zerohash, a leading crypto infrastructure provider, has received an Electronic Money Institution (EMI) license from De Nederlandsche Bank, the Dutch central bank.

 

The EMI license comes shortly after it secured a Markets in Crypto Assets Regulation (MiCAR) license in October 2025 from the Dutch Authority for the Financial Markets (AFM).

 

With the EMI license secured, Zerohash is now the first MiCAR-licensed firm to obtain an Electronic Money Institution license in accordance with the European Banking Authority’s June 2025 No Action Letter and February 2026 clarifications, which gave crypto firms and stablecoin issuers a temporary breathing space to get their payment licenses in order by March 2nd of this year.

 

 

By securing the EMI license, Zerohash positions itself to issue, manage, and support stablecoin-powered payments using e-money tokens across the European Economic Area. Zerohash now has the regulatory basis to integrate crypto and traditional electronic money flows for its institutional clients.

 

"Europe has a massive market for stablecoin applications," said Roeland Goldberg, Managing Director, Europe at Zerohash. "The announcement comes on the heels of accelerating momentum for Zerohash across Europe. In recent months, the company has expanded its European Union presence in Amsterdam and is now powering partners, including Interactive Brokers Europe, in the region."

 

Alongside the previously secured MiCAR license, Zerohash can now serve its institutional clients, including banks, fintechs, brokerages, payment providers, and large enterprises, providing compliant stablecoin settlement, remittances, and digital asset services across Europe.

 

About Zerohash 

Zerohash is a leading infrastructure provider for crypto, stablecoins, and tokenized assets. Through its application programming interface (API) and embeddable developer kit, it enables large institutions, including banks, brokerages, and fintech companies, to integrate crypto trading, stablecoin payments, custody, tokenization, and fiat to crypto and crypto to fiat conversion services into their own platforms, without having to build complex backend infrastructure or navigate regulatory frameworks themselves.

 

Zerohash is currently a licensed money transmitter in 51 United States jurisdictions and serves more than 5 million users across over 190 countries. Its crypto and stablecoin infrastructure has also been used by several institutional firms, including Interactive Brokers, Stripe, Franklin Templeton, and MoneyLion, with its infrastructure also supporting BlackRock’s BUIDL fund.