37 European Banks Jointly Advance Euro Stablecoin, Issuer Qivalis Has Obtained License from the Dutch Central Bank

TechFlow reported that on November 10, according to a Ripple announcement, 37 financial institutions across 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 the Dutch Central Bank (DNB) and plans to issue a reserve-backed stablecoin pegged 1:1 to the euro within the coming months after regulators complete their white paper review, primarily intended for institutional payments, settlement, and tokenized asset trading.

Ripple stated that consortium members BBVA and DZ BANK have already adopted the Ripple Custody digital asset custody solution, but each member bank must still independently decide how to custody and manage Qivalis stablecoins in the future.

Currently, the total market capitalization of Euro stablecoins has grown from approximately €50 million in early 2024 to around €450 million in January 2026.