37 European banks jointly advance euro stablecoin; issuer Qivalis licensed by Dutch central bank

TechFlow reported on November 10, citing a Ripple announcement, that 37 financial institutions from 15 European countries have joined the euro stablecoin project Qivalis, which was established by a consortium of European banks to launch a euro stablecoin compliant with the EU's Markets in Crypto-Assets Regulation (MiCA).

Qivalis has obtained an electronic money institution license from De Nederlandsche Bank (DNB) and plans to issue a stablecoin backed 1:1 by euro reserves in the coming months after regulators complete the whitepaper review, primarily for institutional payments, settlement, and tokenized asset transactions.

Ripple said consortium members BBVA and DZ BANK have adopted Ripple Custody, its digital asset custody solution, but each member bank still needs to decide how it will custody and manage the Qivalis stablecoin in the future.

Currently, the euro stablecoin market has grown from about EUR 50 million in early 2024 to about EUR 450 million in January 2026.

Source: TechFlow