37 European Banks Back Regulated Euro Stablecoin via Qivalis

Thirty-seven of Europe’s largest financial institutions have committed to launching a regulated, euro-denominated stablecoin through Qivalis, an Amsterdam-based joint venture formed by a consortium of European banks. Qivalis has been authorized by De Nederlandsche Bank (DNB) as an electronic money institution, clearing the regulatory hurdle required to issue a euro stablecoin under the EU’s Markets in Crypto-Assets regulation (MiCA). The issuance is expected within the coming months, pending DNB’s review of the consortium’s white paper.

Qivalis: A Consortium-Driven Approach

The Qivalis consortium began with twelve founding banks and has since grown to include thirty-seven institutions across fifteen countries, representing many of Europe’s major banking groups. Unlike experimental initiatives, these banks have committed capital, legal resources, and board-level oversight to develop a euro stablecoin designed for institutional-grade payments, settlement, and tokenized assets. According to Jan-Oliver Sell of Qivalis, the initiative aims to create a MiCA-compliant, 1:1-backed euro stablecoin that serves as a foundational piece of European financial infrastructure.

Euro-denominated stablecoins have seen rapid growth, increasing from approximately €50 million in market capitalization at the start of 2024 to €450 million by January 2026. However, this remains a small fraction compared to the $300 billion market for dollar-denominated stablecoins. Qivalis seeks to address this dependency by providing a regulated alternative that can scale across Europe and beyond.

Ripple (XRP) Custody: Supporting Digital Asset Infrastructure

While Qivalis will manage the issuance, minting, and redemption of the stablecoin, individual member banks must decide how to custody and safeguard the asset for their clients. Options include retaining custody in-house or delegating it to third-party providers. Ripple Custody, already used by Qivalis members such as DZ BANK and BBVA, offers a solution tailored to integrate digital assets into existing banking environments without requiring separate operational systems.

Ripple Custody features an API-first architecture that connects with core banking and back-office systems, along with governance tools like policy-as-code to enforce access controls, approvals, and jurisdictional compliance. This infrastructure supports end-to-end digital asset operations, including issuance, custody, governance, settlement, and redemption.

Case Studies: DZ BANK and BBVA

Two Qivalis members, DZ BANK and BBVA, illustrate how banks are preparing to integrate digital asset custody:

• DZ BANK: One of Germany’s largest depository banks, with €350 billion in assets under custody, DZ BANK integrated Ripple Custody to manage crypto securities issued under Germany’s Electronic Securities Act. The solution allowed the bank to maintain its existing asset-management processes while meeting regulatory requirements for security and scalability.
• BBVA: Following Spain’s adoption of MiCA in July 2025, BBVA launched a crypto-asset trading and custody service across its Spanish operations. By using Ripple Custody, BBVA retained full control over client assets and cryptographic keys, integrating digital asset custody into its core banking infrastructure.

Future Implications for European Finance

The launch of a regulated euro stablecoin marks a significant milestone for European finance, but much of the operational groundwork remains within individual banks. Each institution must align custody, governance, and client service with existing regulatory and operational frameworks. As Qivalis prepares to issue its stablecoin, the consortium’s collaborative model and Ripple’s infrastructure solutions provide a roadmap for scaling digital assets across Europe.