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

According to Ripple’s official blog, Qivalis, an Amsterdam-based joint venture of 37 major European financial institutions, has been authorized by the Dutch central bank (De Nederlandsche Bank, DNB) as an electronic money institution. This clears a core regulatory barrier for the group to issue a euro stablecoin under the EU’s Markets in Crypto-Assets (MiCA) regulation, with plans to complete the launch in the coming months after DNB reviews its whitepaper. The stablecoin is backed by 1:1 reserves and designed for institutional use cases including payments, settlements, and tokenized assets. The alliance began with 12 founding banks and now includes 37 institutions across 15 countries. Ripple noted that the market capitalization of euro stablecoins rose from around €50 million at the start of 2024 to €450 million in January 2026, compared to the roughly $300 billion market size of U.S. dollar stablecoins. Qivalis will handle minting, reserve backing, and redemptions under its own authorization and technology, while member banks will decide independently how to custody the asset for their clients. Ripple added that alliance members including BBVA and DZ BANK have already used Ripple Custody. Cassie Craddock, Ripple’s Vice President and Managing Director, said that as MiCA is rolled out across Europe, regional banks are more confident to launch digital asset services demanded by their customers. For background, DZ BANK, which has around €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, meanwhile, launched crypto asset trading and custody services in its Spanish operations after Spain’s MiCA framework took effect in July 2025; the service was previously rolled out in Switzerland and Turkey, with the bank holding its clients’ asset keys itself.