Ripple highlighted its custody, governance and banking‑integration capabilities on Nov. 9 as 37 European banks prepare to issue a euro‑backed stablecoin through the Qivalis joint venture. The company linked its existing services—used by BBVA and DZ BANK—to the specific requirements banks will face under the EU’s Markets in Crypto‑Assets (MiCA) framework. According to Bitcoin.com, Ripple’s Vice President Cassie Craddock noted that MiCA’s establishment has emboldened banks to launch digital‑asset offerings demanded by their customers.

Bank custody options and Ripple’s role

Ripple explained that each participating bank can either retain custody of client holdings or delegate that function to a provider such as Ripple itself. Its technology connects to banking systems via APIs, enabling software‑defined policies that govern access, approvals and jurisdictional controls. BBVA’s agreement with Ripple supports Bitcoin and Ether custody for retail customers in Spain, with the bank retaining control of cryptographic keys. In contrast, DZ BANK leverages Metaco’s platform—acquired by Ripple in 2023—to handle crypto‑securities under Germany’s Electronic Securities Act, including a tokenised Siemens bond held jointly with Union Investment. These examples illustrate Ripple’s flexibility for both retail crypto assets and institutional tokenised securities.

Qivalis consortium expands and gains Dutch licence

Qivalis, an Amsterdam‑based joint venture, added 25 new institutions in May, bringing the consortium to 37 banks across 15 countries, including ING, BNP Paribas, BBVA and DZ BANK. The Dutch central bank (DNB) granted Qivalis an electronic‑money licence on Oct. 13, authorising issuance, distribution and redemption of a full‑reserve euro stablecoin. The venture plans to back each token 1:1 with reserves and to manage issuance and redemption under its own authorisations and technology. Distribution is expected to flow through eligible banks, exchanges, payment providers and market‑infrastructure participants, subject to MiCA compliance and the publication of a white paper.

What to watch next

Observers will monitor the timing of Qivalis’ white‑paper release and the first issuance of its euro stablecoin, as well as how individual banks decide on custody arrangements. Additional regulatory scrutiny under MiCA, particularly around consumer protection and AML safeguards, could shape the rollout. Finally, the market’s response to a full‑reserve euro token—especially its impact on cross‑border payments and tokenised asset adoption—will be a key indicator of institutional confidence in stablecoin frameworks.