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De Nederlandsche Bank has granted Qivalis an e-money institution licence, putting the bank-backed consortium a step closer to issuing a MiCA-compliant euro stablecoin aimed at institutional clients.
Finance ministers agreed on October 9 to limit ESMA's direct oversight to 10-15 of roughly 360 EU crypto service providers, under a package that also proposes expanding the DLT Pilot Regime for tokenization.
A working paper by former ECB official Ulrich Bindseil and Circle's Patrick Hansen says MiCA's circulation conditions are isolating EU stablecoin holders from the dollar-dominated global market, and proposes an equivalence regime with regimes such as the US GENIUS Act.
A year after MiCA's full implementation, around 20 euro-pegged stablecoins have won regulatory approval, yet daily trading volumes remain a fraction of their dollar counterparts, with Revolut's new EURR token entering an already crowded and thin market.