Ripple Spotlights 37 European Banks Backing Euro Stablecoin as BBVA and DZ BANK Expand Digital Custody

The participants include BNP Paribas, ING, UniCredit, BBVA, DZ BANK, ABN AMRO and Rabobank, representing institutions in 15 European countries.

Qivalis announced officially that it received authorization from De Nederlandsche Bank as an Electronic Money Institution on October 14.

This approval permits Qivalis to issue euro-denominated electronic money tokens under MiCA, subject to outstanding requirements, including publishing its white paper.

The initiative comes after other European experiments with tokenized money, including Société Générale–FORGE's euro stablecoin on the $XRP Ledger.

Qivalis has not, however, confirmed that its stablecoin will run on XRPL, and its commercial launch is still pending.

Ripple Custody Gains Traction With European Banks

Ripple has grown its presence in European banking through direct relationships with institutions developing cryptocurrency custody and tokenization services.

Germany's DZ BANK uses Ripple Custody infrastructure for digital securities, while Spain's BBVA has adopted the technology for cryptocurrency custody.

These ties reflect a wider move toward institutional blockchain infrastructure, as banks increasingly consider digital asset settlement alongside their existing payment networks.

Ripple has also sought regulatory authorization in Europe, including progress toward MiCA licensing in Luxembourg to support its cross-border payment services.

Its institutional custody expansion also continued outside Europe, with BNY adding $XRP custody alongside $RLUSD support in October.

Taken together, these developments point to rising demand for regulated custody technology as financial institutions experiment with blockchain-based assets.

However, adopting custody services is not the same as using $XRP for payment settlement; banks can deploy Ripple's infrastructure without buying the token.

Could Europe's Stablecoin Expansion Benefit $XRP?

Greater participation by European banks in stablecoins could create opportunities for Ripple's payments, custody and tokenization businesses.

Regulated stablecoins may enable financial institutions to move funds across blockchain networks while complying with MiCA requirements.

Ripple has already broadened its institutional stablecoin capabilities through $RLUSD banking integrations, combining automated issuance and redemption with traditional banking services.

But neither increased $RLUSD adoption nor the Qivalis consortium's growth guarantees further $XRP purchases.

Financial institutions can use stablecoins and custody services without holding $XRP as a reserve asset or using it to settle transactions.

The same distinction applies to institutional demand for $XRP: access to custody infrastructure does not necessarily lead to new purchases.