Ripple used a Nov. 9 update to explain how banks can handle custody for Qivalis’ planned euro stablecoin. The company pointed to its work with BBVA and DZ BANK and described the controls banks need when they hold digital assets for clients. Those controls include safeguarding holdings, enforcing approvals, and linking new systems with existing banking software. Ripple placed the work inside its wider set of services, which cover issuance, custody, governance, settlement, and redemption.
Banks can keep custody or use a provider
A bank could keep custody in house or hand it to another provider, according to Ripple. Its technology connects to banking platforms through application programming interfaces. Those connections let systems exchange data and instructions. Software rules then handle access, approvals, separation of duties, and limits tied to jurisdiction. Cassie Craddock, Ripple’s vice president and managing director, said MiCA has given European banks more confidence to launch digital asset services that customers want.
BBVA and DZ BANK show different models
BBVA’s custody deal with Ripple supported bitcoin and ether services for retail customers in Spain. Ripple said the bank kept control of its cryptographic keys and stayed responsible for protecting client assets. The relationship also covers custody operations in Switzerland and Turkey. DZ BANK picked Metaco’s custody platform for institutional digital asset services. Ripple acquired Metaco in 2023. The German bank wanted to handle crypto securities under the country’s Electronic Securities Act within existing capital-market processes. One early use case involved a Siemens tokenized bond held by DZ BANK and Union Investment. The examples show retail crypto and institutional securities are not the same custody job.
Qivalis moves ahead after Dutch approval
Qivalis is an Amsterdam-based joint venture that now has 37 member banks across 15 countries. It added 25 institutions in May. Participants include ING, BNP Paribas, BBVA, and DZ BANK. The planned token would support payments, settlement, and tokenized assets. De Nederlandsche Bank authorized Qivalis as an electronic money institution. The register lists issuance, distribution, and redemption permissions effective Oct. 13. That license keeps Qivalis under DNB supervision. The venture plans a full-reserve model, with each token backed 1:1 by reserves. Qivalis would manage issuance and redemption under its own authorizations and technology. Each bank would decide how to handle customer custody. In its Oct. 14 announcement, Qivalis said it planned issuance in the following months, subject to MiCA requirements and publication of its white paper. Distribution would run through eligible banks, exchanges, payment providers, and financial market infrastructure participants.
