Qivalis is backed by a consortium of 37 European banks across 15 countries, including BBVA, BNP Paribas, ING, DZ Bank, ABN AMRO, and Rabobank.

From the articleQivalis Secures Dutch Approval for Euro Stablecoin Backed by 37 European BanksAlso in Europe's banks have a euro stablecoin license. Can they win users?, EU Banking Consortium Qivalis Secures E-Money License to Accelerate Stablecoin Issuance, Qivalis Receives EMI Authorization from Dutch Central Bank for Euro Stablecoin, Qivalis wins Dutch EMI license, but MiCA rules block launch, Qivalis secures Dutch EMI license to launch bank-backed euro stablecoin