37 European Banks Back Qivalis Euro Stablecoin in €450M Market Expansion

Qivalis, comprising a network of 37 financial institutions, has been authorised by De Nederlandsche Bank (DNB) as an electronic money institution. The transfer removes a major regulatory obstacle for a proposed banknote-to-tokenized assets payments, settlement and stablecoin in euro. Now the project slowly veers from the regulatory aspects and moves towards launch preparation and bank-level aspects. According to Ripple, Qivalis originated with 12 founding banks and has grown to 37 institutions in 15 European countries. The consortium will launch its euro stablecoin once the Dutch central bank reviews the project’s white paper 1:1 backed.