A consortium-backed euro stablecoin project, Qivalis, has attracted 37 financial institutions across 15 European countries, according to a Ripple announcement cited by TechFlow on November 10, 2026.
The project, established by a consortium of European banks, aims to issue a euro stablecoin compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
Licensing and planned backing
According to the report, Qivalis has obtained an electronic money institution licence from the Dutch central bank, De Nederlandsche Bank (DNB). At the time of publication, it planned to issue the stablecoin in the following months, after regulators completed their review of its white paper.
The planned token would be backed 1:1 by euro reserves and intended primarily for institutional payments, settlement and tokenized asset transactions. These were reported issuance plans, not confirmation that the stablecoin had launched.
Custody decisions remain with member banks
Ripple said consortium members BBVA and DZ BANK had adopted its Ripple Custody digital asset custody solution. However, each member bank would still need to decide independently how to custody and manage the Qivalis stablecoin. Their use of Ripple Custody therefore did not establish a consortium-wide custody arrangement for the token.
The report also put the euro stablecoin market at approximately €450 million in January 2026, up from about €50 million at the start of 2024.
Original source: TechFlow, published November 10, 2026, at 08:15:31 (UTC+8), citing a Ripple announcement.