TechFlow reported on 10 November 2026, citing a Ripple announcement, that 37 financial institutions from 15 European countries had joined Qivalis, a euro stablecoin project set up by a European bank consortium. The stated aim was a euro stablecoin intended to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
Licence, and a coin not yet issued
The report said Qivalis had received an electronic money institution licence from the Dutch central bank (DNB). That is a regulatory authorisation to operate as an e-money institution. As relayed, it is not evidence that a Qivalis token was already in circulation, that reserves had been attested or audited, or that holders could redeem on published terms.
Issuance was still ahead of the announcement. Qivalis planned to issue the stablecoin in the months after 10 November 2026, and only after regulators finished reviewing its white paper. The design described was one-to-one support by euro reserves, for institutional payments, settlement, and trading in tokenised assets. The TechFlow account did not give redemption terms, reserve composition, or any attestation or audit.
One-to-one euro reserve support was the project’s stated plan. The report does not show that reserves were already held, that the token was insured, or that redemption was assured.
What Ripple said about custody
Ripple said consortium members BBVA and DZ BANK had adopted Ripple Custody, its digital-asset custody solution. The same report said each member bank would still decide for itself how to custody and manage the Qivalis stablecoin. Use of that product by two named members is separate from issuance, from custody of any issuer reserve, and from choices the other members had not yet made.
A market size, not a Qivalis reserve figure
The report also put the broader euro stablecoin market — not a Qivalis balance — at about €50 million at the start of 2024 and about €450 million in January 2026. Because the report described Qivalis as still awaiting white-paper review before issuance, that market total is not a reserve figure for this project.
Original article, published 10 November 2026 at 08:15 (UTC+8): TechFlow
