Qivalis Wins Authorization for Euro Stablecoin
De Nederlandsche Bank has authorized the 37-member Qivalis network as an electronic money institution, clearing a key hurdle for its planned euro-pegged stablecoin.
Updated on Nov. 10, 2026 in Financial Services
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De Nederlandsche Bank authorized Qivalis as an electronic money institution, a regulatory step that removes a major obstacle to the consortium's proposed euro stablecoin. The network, which originated with 12 founding banks and now includes 37 financial institutions across 15 European countries, plans to launch the token once the Dutch central bank reviews its white paper.
Why it matters
The authorization addresses one of the main regulatory barriers facing a bank-backed euro stablecoin. Euro stablecoins remain small, with a combined market capitalization of about €450 million as of January 2026, compared with roughly $300 billion for dollar-denominated stablecoins.
Qivalis has 37 member institutions drawn from 15 countries, having started with 12 founding banks. Euro stablecoins total about €450 million, a fraction of the roughly $300 billion held in dollar-denominated stablecoins, and how quickly the euro segment grows after launch remains unclear.
The players
De Nederlandsche Bank
The Dutch central bank, which regulates financial institutions in the Netherlands and granted Qivalis its electronic money institution authorization.
Qivalis
A consortium of 37 financial institutions across 15 European countries, formed from 12 founding banks, planning a euro-pegged stablecoin.
Ripple
A blockchain and payments company that holds an electronic money institution license in Luxembourg and provides custody services to Qivalis members.
The details
Qivalis systems will handle issuance, backing and redemption of the stablecoin, while individual member banks keep their own custody, governance and client servicing systems. BBVA and DZ BANK are among members using Ripple Custody, and Ripple's Luxembourg electronic money institution license and MiCA crypto-asset authorization are part of its European footprint.
Timeline
January 2026: Euro stablecoin market capitalization reached €450 million.
2026: Ripple expanded its European regulatory footprint.
Within months: Qivalis expects to launch its euro stablecoin after the Dutch central bank review.
Market Landscape
The Qivalis authorization operates within the EU's Markets in Crypto-Assets (MiCA) framework, under which Ripple already holds crypto-asset service authorization. It positions a bank consortium to compete in a euro stablecoin segment that is far smaller than the dollar-denominated market.
If the euro stablecoin launches, it could give consumers and businesses a new euro-denominated digital payment option issued by a bank consortium. Whether it changes everyday payments depends on how member banks price, custody and service it, which the extraction does not specify.
The takeaway
A bank-backed euro stablecoin is moving from concept toward launch as its regulatory gate opens. Readers tracking digital money should watch the Dutch central bank's white paper review and the first product details.
What happens next
Qivalis expects to launch its euro stablecoin within months, after the Dutch central bank reviews the project's white paper.
Further reading
For broader context on bank-backed digital money, see more in Financial Services.
Source note: This article includes information reported by CryptoNinjas.
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