Under MiCA, all EMTs are stablecoins, but not all stablecoins are EMTs, as the U.K. parliament has explained. EMTs are pegged to a single official currency, such as the euro or U.S. dollar, while other types of stablecoins can be linked to baskets of currencies or other assets. EMTs must be issued by authorized credit institutions or electronic money institutions, which means holders have a legal claim against the issuer and the right to redeem their tokens at face value at any time. EMTs cannot pay interest under MiCA.
Dollar-backed stablecoins such as USDC can also qualify as EMTs under MiCA if they meet the EU’s requirements. Issuers that do not meet the applicable rules cannot lawfully offer their tokens to the public in the EU.
“Europe’s currency deserves Europe’s rules, onchain,” said Jan-Oliver Sell, Qivalis CEO. “We believe Europe should have a euro-denominated onchain settlement asset issued under European law and subject to European regulatory standards.”
Qivalis plans to distribute its token through banks, cryptocurrency exchanges and payment providers rather than directly to consumers.
The consortium has expanded to 37 European banks, including BBVA, BNP Paribas, ING and DZ Bank, since its founding in September 2025. It has also selected Fireblocks to provide digital asset infrastructure.
