Amsterdam-based Qivalis, a joint venture of 37 banks across 15 countries—including ING, BNP Paribas, BBVA and DZ BANK—is developing a euro stablecoin for payments, settlement and tokenized assets.

The Dutch central bank authorized Qivalis as an electronic money institution, with permission to issue, distribute and redeem electronic money effective Oct. 13, under ongoing supervision.

Qivalis plans to fully back the stablecoin one-to-one with reserves, with the venture handling issuance and redemption while individual institutions decide how customer assets are held.

Qivalis said issuance was planned for the following months, subject to applicable MiCA requirements and publication of its white paper; distribution is expected through eligible banks and other financial and payment providers.

Ripple said banks preparing for the stablecoin will need secure custody, operational controls and links to existing banking systems, and pointed to its services in those areas.

Banks can safeguard customer assets themselves or delegate custody to another provider, while software policies and banking-system connections can manage approvals, access and other controls.

Ripple cited BBVA and DZ BANK as clients using its custody technology for different purposes: BBVA supports retail bitcoin and ether services, while DZ BANK’s institutional work includes crypto securities and a tokenized Siemens bond.