According to CoinMeta, Qivalis has obtained a digital currency institution license issued by the Dutch Central Bank (DNB), and plans to launch a bank-backed euro stablecoin. The company stated that it will release its token in the coming months and needs to meet the remaining requirements of the European Union's regulations for crypto assets (MiCA). The alliance of Qivalis is supported by 37 major European banks and aims to provide banks and payment companies with a way to transfer euros using blockchain technology.