Ripple: Qivalis, backed by 37 European banks, plans to issue a euro stablecoin within months

November 10 - According to Ripple's official blog, Qivalis, an Amsterdam-based joint venture composed of 37 major European financial institutions, has been authorized by the Dutch central bank as an electronic money institution, clearing the core regulatory obstacle to issuing a euro stablecoin under the EU's Markets in Crypto-Assets Regulation (MiCA), and plans to complete the issuance within the coming months after the Dutch central bank reviews its white paper. The stablecoin is backed by 1:1 reserves and targets institutional-grade scenarios such as payments, settlement, and tokenized assets. The alliance initially had 12 founding banks and now covers 37 institutions across 15 countries.

Ripple said the market value of euro stablecoins grew from about €50 million in early 2024 to €450 million in January 2026, while the US dollar stablecoin market is about $300 billion. Qivalis will handle minting, reserve backing, and redemption under its own authorization and technology, while member banks still need to decide how to custody the asset for their clients. Ripple said alliance members including BBVA and DZ BANK have used Ripple Custody. Cassie Craddock, Ripple's Vice President and Managing Director, said that with MiCA taking effect in Europe, banks in the region are more confident in launching the digital asset services customers demand. According to the introduction, DZ BANK, with about €350 billion in assets under custody, has integrated Ripple Custody into its existing custody processes, with early use cases including custody of Siemens tokenized bonds; BBVA, after Spain's MiCA framework took effect in July 2025, launched crypto asset trading and custody in its Spanish business, a service previously launched in Switzerland and Turkey, with the bank itself safeguarding client asset keys.