- Qivalis receives authorization from De Nederlandsche Bank, bringing 37 banks across 15 countries closer to launching a euro stablecoin.
- Europe’s euro stablecoin market capitalization grows from €50 million in early 2024 to €450 million by January 2026.
- BBVA and DZ BANK use Ripple Custody to manage digital assets, demonstrating banking infrastructure for institutional adoption.
Thirty-seven European banks across 15 countries are preparing to launch a regulated euro stablecoin through Qivalis, following authorization from De Nederlandsche Bank. Ripple says the consortium’s planned launch will also require banks to establish custody and governance systems. Its existing work with BBVA and DZ BANK provides examples of those arrangements.
Qivalis Secures Authorization as Euro Stablecoins Grow
Qivalis, an Amsterdam-based joint venture, received authorization from De Nederlandsche Bank as an electronic money institution. The consortium plans to issue its stablecoin in the coming months, pending the regulator’s review of its white paper. The token will maintain one-to-one backing with the euro and target payments, settlement, and tokenized assets.
The group started with 12 founding banks and has since expanded to 37 institutions. Meanwhile, euro stablecoin market capitalization grew from approximately €50 million in early 2024 to €450 million by January 2026. However, that remains small compared with the roughly $300 billion dollar-denominated stablecoin market.
Ripple Vice President and Managing Director Cassie Craddock said MiCA has given European banks regulatory clarity. However, the regulation does not provide the infrastructure banks need to custody digital assets.
Banks Face Custody and Governance Requirements
Qivalis will manage issuance, backing, and redemption under its own authorizations and technology. Individual banks must still decide how to safeguard clients’ holdings and demonstrate regulatory controls.
They can manage custody internally or delegate it to an external provider. Ripple says its custody platform integrates with existing banking and back-office systems through APIs. Its policy controls also manage access, approvals, separation of duties, and jurisdictional requirements.
BBVA and DZ BANK Already Use Ripple Custody
BBVA and DZ BANK already use Ripple Custody within their banking operations. DZ BANK, which holds €350 billion in assets under custody, uses the platform for crypto securities. Its work includes custody of a Siemens tokenized bond involving Union Investment.
BBVA launched crypto trading and custody services in Spain in July 2025 under MiCA. It also operates services in Switzerland and Türkiye. The bank retains its cryptographic keys and control over client assets.
Both institutions integrated custody into existing banking systems rather than creating separate operating environments. Their arrangements address the custody requirements facing banks preparing to support Qivalis’s planned euro stablecoin.
