Under the EU Markets in Crypto-Assets regulation, electronic money tokens must be pegged to a single official currency, redeemable at face value at any time, and prohibited from paying interest.

From the articleEU Banking Consortium Qivalis Secures E-Money License to Accelerate Stablecoin IssuanceAlso in Europe's banks have a euro stablecoin license. Can they win users?, Qivalis secures Dutch EMI license to launch bank-backed euro stablecoin, Qivalis Secures Dutch Approval for Euro Stablecoin Backed by 37 European Banks