Qivalis, a euro stablecoin consortium of 37 European financial institutions, has been authorized by De Nederlandsche Bank (DNB) as an electronic money institution. The Dutch regulator's approval clears a major obstacle for the project's planned euro-denominated payments, settlement and stablecoin services tied to tokenized assets, and moves the initiative out of the regulatory phase and into launch preparation and bank-level implementation.

An electronic money institution license permits a firm to issue electronic money and provide payment services in Europe under DNB supervision. With authorization in hand, Qivalis and its member banks can now concentrate on the operational work required ahead of launch.

According to Ripple, Qivalis originated with 12 founding banks and has grown to 37 institutions across 15 European countries. The consortium expects to launch its euro stablecoin within months, once the Dutch central bank completes its review of the project's white paper describing the token's 1:1 backing, under which each token in circulation is intended to be matched by equivalent reserves.

Euro Stablecoins Remain a Fraction of the Dollar Market

The timing matters because euro-denominated stablecoins remain a niche within the broader crypto market. Ripple said the combined market capitalization of euro stablecoins increased from about €50 million in early 2024 to €450 million by January 2026. By comparison, dollar-denominated stablecoins have a total market value of roughly $300 billion, according to figures highlighted by Ripple in a blog post on building banking infrastructure for Europe's euro stablecoin.

De Nederlandsche Bank has also observed that dollar-backed stablecoins account for the bulk of stablecoin activity, while euro-backed tokens remain relatively uncommon. The disparity points to ample room for regulated digital money based on the euro to grow across Europe.

Ripple publicized Qivalis' authorization in a post on X on November 9, 2026:

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?

— Ripple (@Ripple) November 9, 2026 (post on X)

Custody Becomes the Next Banking Bottleneck

Under the planned structure, Qivalis will run the systems for issuance, backing and redemption, while each participating bank maintains its own custody, governance and client-servicing arrangements. That creates a second layer of infrastructure work after issuance, as every member institution must be equipped to hold the asset for its customers.

Ripple named BBVA and DZ BANK as consortium members already using Ripple Custody. According to Ripple, the platform does not require institutions to build a new operating environment; it integrates instead with the banking services and back-office compliance systems they already run. For the remaining members, the same question of how to safeguard the asset for clients under bank-grade controls now sits on the pre-launch checklist.

Ripple Positions Custody Around Europe's Stablecoin Push

Ripple is not minting the Qivalis stablecoin. Its custody platform is instead being positioned as an option for banks preparing to hold and oversee the asset on behalf of their clients. The distinction matters because every institution must make its own decisions on safeguarding assets, controlling authorizations and meeting regulatory requirements.

Ripple has also broadened its own European regulatory footprint in 2026, obtaining an electronic money institution license in Luxembourg and authorization for crypto-asset services under the EU's Markets in Crypto-Assets (MiCA) regulation, the bloc's harmonized rulebook for authorizing crypto-asset service providers across member states.

Within the cryptocurrency sector, Qivalis represents a notable shift as stablecoins become integrated into traditional banking systems to a degree previously seen mainly in exchange-based trading.

Once the launch proceeds as planned, the 37 banks will share a common settlement asset in euros while each continues to operate its own custody, payments and digital-asset services in parallel. The remaining markers to track are DNB's completion of the white paper review, the launch the consortium expects within months, and the pace at which the member banks' custody and compliance arrangements come online.

This article originally appeared on Crypto Ninjas on November 10, 2026.