37 European Banks Back Qivalis Euro Stablecoin in €450M Market Expansion

Key Takeaways:

• Qivalis has obtained the authorization from the Dutch regulatory authorities to issue electronic money in Europe.
• The consortium now has a total of 37 banks from 15 countries, looking forward to launching a euro stablecoin within months.
• Euro stablecoins have swelled from €450m to a total of only an estimated $300bn today.

User Score

8.7

Qivalis, comprising a network of 37 financial institutions, has been authorised by De Nederlandsche Bank (DNB) as an electronic money institution.

The transfer removes a major regulatory obstacle for a proposed banknote-to-tokenized assets payments, settlement and stablecoin in euro. Now the project slowly veers from the regulatory aspects and moves towards launch preparation and bank-level aspects.

According to Ripple, Qivalis originated with 12 founding banks and has grown to 37 institutions in 15 European countries. The consortium will launch its euro stablecoin once the Dutch central bank reviews the project’s white paper 1:1 backed.

The scale is important, as euro stablecoins are but a niche in the larger crypto market.

Ripple said their combined market capitalization increased from about €50 million in early 2024 to €450 million by January 2026. And in comparison, these dollar-denominated stablecoins have a market value of about $300bn.

Euro stablecoins have grown from ~€50M to €450M since early 2024. Against a ~$300B stablecoin market, that’s still a fraction of what’s possible.

Qivalis, a consortium of 37 European banks now authorized by De Nederlandsche Bank, is set to change that. But issuance is only half the story. Each bank still needs the custody, governance, and controls to hold the asset for clients.

BBVA and DZ BANK already run on Ripple Custody to do exactly that: bank-grade infrastructure that integrates with the systems they already run.

When Qivalis launches, will your bank be ready?
https://t.co/mJLIxqlXYy

— Ripple (@Ripple) November 9, 2026

The disparity opens up ample opportunities to grow regulated digital money based on the euro in Europe. De Nederlandsche Bank also points out that dollar-backed stablecoins make up the bulk of activity, whereas euro-backed ones are still quite uncommon.

Read More: Ripple and Privy Bring XRP Wallets to XRPL After $1T Moved Across 8M Accounts

Individual banks will have their custody, governance and client servicing systems, as well as Qivalis systems to handle issuance, backing and redemption. That creates a second layer of infrastructure work after issuance.

Ripple mentioned BBVA and DZ BANK as some of the members in the consortium using Ripple Custody. The platform itself does not require the digital-asset institutions to create a new environment, but rather integrates with their banking services and back office compliance.

Ripple does not need to mint the Qivalis $ stablecoin. But, it’s making its custody platform an alternative to banks getting ready to retain and oversee the asset for their customers.

That distinction is important. Every institution has to make their own decision about protecting assets, controlling authorisations and regulatory controls.

Ripple has also expanded its own European regulatory footprint in 2026, including an electronic money institution license in Luxembourg and authorization for crypto-asset services under MiCA.

In the realm of cryptocurrencies, Qivalis is a major shift as stablecoins begin to be integrated into traditional banking systems as much as they’re off in exchange-based trading.

With the launch set to go ahead as planned, 37 banks will be in the market with a common settlement asset in euros, but they would be running their on-custody, payments and digital-asset services in parallel.

Read More: Ripple Partners With CryptEscrow to Simplify Crypto-Funded U.S. Real Estate Deals

The post 37 European Banks Back Qivalis Euro Stablecoin in €450M Market Expansion appeared first on CryptoNinjas.