The Electronic Money Institution license places Qivalis under ongoing supervision by De Nederlandsche Bank and authorizes Qivalis to issue euro-denominated electronic money tokens.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Laws and rules for fiat-pegged tokens, from the US GENIUS Act to Europe's MiCA, covering reserves, licensing and yield restrictions.