The Dutch central bank has granted Qivalis an EMI license, with 37 European banks planning a MiCA-compliant euro stablecoin. Polygon has completed its acquisition of Coinme, giving Open Money Stack payment coverage in 48 U.S. states.
This article focuses on two recent developments in European stablecoin regulation and the U.S. payment licensing sector, without delving into other macroeconomic or market risk events. The latest developments include: the Dutch central bank has granted Qivalis an EMI license, and 37 European banks plan to launch a MiCA-compliant euro stablecoin; meanwhile, Polygon has completed its acquisition of Coinme, giving Open Money Stack payment coverage in 48 U.S. states. The two developments occur respectively in European stablecoin regulation and the U.S. payment licensing sector, but both point to the expansion of crypto infrastructure into compliant payments and cross-border settlement. These two items constitute the main incremental information in the current compliant payment and settlement direction.
In the Netherlands, the Dutch central bank granted Qivalis an EMI license. According to public information, 37 European banks plan to launch a MiCA-compliant euro stablecoin, with 37 participants. This development is not the action of a single project sponsor but is jointly supported by major European banks, with the goal of advancing a euro stablecoin under the MiCA framework. Therefore, Qivalis receiving an EMI license from the Dutch central bank is seen as an important step for European stablecoin regulation and on-chain euro settlement infrastructure. Public information summarizes this development as important progress in stablecoin regulation and on-chain euro settlement infrastructure under the MiCA framework. It should be noted that the license was granted to Qivalis, not directly to the stablecoin itself. Based on public information, the current progress remains at the level of licensing and planned launch, while the stablecoin's actual issuance, scope of application, and the participation methods of the 37 European banks still await further disclosure.
In the U.S. market, Polygon completed its acquisition of Coinme. Through this acquisition, Polygon obtained multi-state money transmission licenses and regulated payment capabilities in the United States, and its Open Money Stack gained payment coverage in 48 U.S. states. After the acquisition, payment coverage in 48 U.S. states became a direct reflection of Polygon's substantive progress in payment compliance and state-level coverage. Echoing the stablecoin licensing progress in Europe, Polygon's move shows that crypto infrastructure companies are entering the regulated payments sector by acquiring licensed entities, rather than remaining solely at the on-chain services layer. Based on available information, this acquisition gives Polygon multi-state money transmission licenses and regulated payment capabilities in the United States and is summarized as a reflection of crypto infrastructure expanding into compliant payments and cross-border settlement.
Viewed together, the key points on the European side are the EMI license obtained by Qivalis, the MiCA-compliant euro stablecoin planned by 37 European banks, and on-chain euro settlement infrastructure; on the U.S. side, the key points are the money transmission licenses, regulated payment capabilities, and 48-state payment coverage that Polygon obtained through its acquisition of Coinme. Although the two threads are in different markets and involve different participating institutions and regulatory frameworks, both revolve around compliant payments, stablecoins, on-chain settlement, and cross-border settlement. Europe uses stablecoins as its entry point, while the United States uses payment licenses as its entry point; together, they form an extension of compliant payment infrastructure. For the industry, stablecoin regulation and payment licenses have become important indicators for observing the compliance process.
Going forward, attention should be paid to Qivalis's stablecoin progress after obtaining the EMI license, including whether the MiCA-compliant euro stablecoin planned by 37 European banks enters the actual issuance stage, as well as the subsequent buildout of on-chain euro settlement infrastructure under the MiCA framework. On the U.S. side, attention should be paid to the integration and operational progress of Open Money Stack's payment coverage in 48 U.S. states after Polygon completes its acquisition of Coinme, and the practical application of multi-state money transmission licenses and regulated payment capabilities. In the future, attention can be paid to the specific issuance timing of the European stablecoin, the participation methods of banks, and the launch arrangements for the 48-state payment business in the United States. Regulatory compliance requirements, the scope of license application, and the implementation of payment use cases will be key variables for judging the pace of crypto infrastructure's expansion into compliant payments.
