#
EMT/ART issuer-authorisation framework is settled and applied to multiple NL-domiciled issuers. Quantoz Payments B.V. (EURQ/USDQ) requires DNB EMI/credit-institution authorisation, replacing a misattributed Zerohash brokerage-licence example corrected this cycle. EMT issuers must maintain 100% reserve-backing, holders may redeem at par, and issuers must publish a MiCA white paper per ESMA's interim register.
Substantively, EMT issuers under MiCA must maintain reserves that fully back tokens in circulation on a 100% basis, comparable to standard e-money reserve rules, and EMT holders are entitled to redeem their tokens against the issuer at par value at any time under MiCA Title IV. EMT and ART issuers established in the Netherlands, including both Quantoz Payments B.V. and Fiat Republic Netherlands, must also publish a MiCA-compliant crypto-asset white paper, a requirement reflected in their listings on ESMA's interim register of Dutch-authorised issuers.
Outlook
With the issuer-authorisation, reserve-backing, redemption-right and disclosure requirements all settled and multiple Dutch issuers already operating under them, this module's near-term trajectory is stable. The main residual item worth tracking is whether additional Dutch-domiciled EMT or ART issuers join the ESMA interim register, and whether any issuer approaches the "significant" ART threshold that would shift direct supervisory responsibility to the EBA.
Stablecoin Regime
Stablecoin issuance in the Netherlands is governed by MiCAR Title III and Title IV, with De Nederlandsche Bank (DNB) as the competent supervisory authority. DNB has been the supervisory authority for issuers of e-money tokens (EMTs) and asset-referenced tokens (ARTs) since 30 December 2024, and is also the competent authority for assessing proposed acquisitions of qualifying holdings in crypto-asset service providers under MiCAR Article 84.
Quantoz Payments BV illustrates how the regime operates in practice. Quantoz holds MiCA authorisation for its EURQ and USDQ tokens, issued respectively as an e-money token and an asset-referenced token. The pairing demonstrates that a single issuer can hold parallel authorisations across both stablecoin categories that MiCAR distinguishes, and that DNB's supervisory role extends across both token types rather than being confined to one.
The most significant forward-looking development in this space is the announced plan by nine major European banks, including ING, to launch a MiCA-compliant euro-denominated stablecoin supervised by DNB, expected in 2026. This remains an announced plan rather than a binding or completed authorisation: no launch date, issuance volume or specific authorisation has yet been confirmed. If it proceeds, a bank-consortium euro stablecoin of this scale, under DNB's direct supervision, would be a significant addition to the Netherlands' stablecoin landscape, sitting alongside issuers such as Quantoz within the same MiCAR framework.
Outlook
The consortium stablecoin announcement is the clearest signpost for what would change the Dutch stablecoin picture over the coming cycle: a confirmed launch, an authorisation grant, or a stated issuance timeline would move this from an announced plan to an operating fact.
Sources and findings (4)
- T4 · PR NewswireQuantoz Payments B.V. — a credit institution or electronic money institution from DNB before issuing e-money tokens (EURQ/USDQ) to the publicretrieved M5bindingin forceupdated
- T4 · The BlockE-money token (EMT) issuers under MiCA — reserves that fully back tokens in circulation (100% reserve-backing, comparable to standard e-money rules)retrieved M4bindingin force
- T1 · EBAEMT holders — redeem tokens against the issuer at par value at any time, per MiCA Title IV requirements applicable to Dutch-authorised issuersretrieved M4bindingin force
- T1 · ESMAEMT and ART issuers (e.g. Quantoz Payments B.V., Fiat Republic Netherlands) — a MiCA-compliant crypto-asset white paper, as reflected in ESMA's interim register listings for Dutch-authorised issuersretrieved M4bindingin force