Qivalis eyes EMI license to accelerate euro stablecoin trade finance push

Qivalis, a European stablecoin issuer, is positioning itself to accelerate the adoption of euro-pegged digital assets in trade finance by securing an Electronic Money Institution (EMI) license from the Dutch Central Bank (DNB). The company, founded by CEO Jan-Oliver Sell, plans to go live with its stablecoin platform by the end of 2024, marking a pivotal moment in the sector’s evolution toward blockchain-based financial transactions. Over the past year, Qivalis has onboarded 37 European banks as shareholders, expanding from a single-employee startup to a team of around 40 staffers. This rapid growth underscores the growing interest in stablecoins as a tool to streamline cross-border payments and trade finance operations, particularly in regions like Asia, Latin America, and Africa, where traditional systems remain inefficient and costly. The shift is driven by the ability to conduct transactions entirely in stablecoin without the need for fiat currency conversions, reducing collateral rotation times from days to minutes and fundamentally altering business models. For instance, suppliers in East Africa can now trade directly with counterparts in Kazakhstan using stablecoins, bypassing traditional fiat intermediaries entirely. This eliminates delays and reduces operational complexity, as collateral can be dynamically managed on-chain. Qivalis differentiates itself from competitors by combining blockchain-based trade finance instruments with a regulated stablecoin, addressing a long-standing gap in the sector. While prior blockchain initiatives focused on digitizing paper-based transactions—such as letters of credit—Qivalis’ approach integrates the cash and payment leg of trade finance onto the blockchain, offering a more comprehensive solution. The company’s strategy aligns with broader trends in the stablecoin market, where demand for euro-pegged tokens is rising as a response to the dominance of USD-pegged stablecoins like Tether and Circle. Sell argues that European institutions will increasingly prefer local currencies, particularly given regulatory clarity under the EU’s Markets in Crypto Assets framework. This contrasts with the U.S., where regulatory uncertainty—such as delays to the Clarity Act—has slowed the development of stablecoin consortia backed by major banks. Qivalis’ three-and-a-half-year timeline to launch underscores the competitive pressure and the need for regulatory certainty in Europe. As the company prepares to launch, its focus remains on expanding its bank partnerships and regulatory footprint, aiming to set a benchmark for how stablecoins can redefine trade finance globally.