Ripple published a post this week connecting itself to Qivalis, a consortium of 37 European banks preparing to launch a euro stablecoin.
WrathofKahneman (@WKahneman), a widely followed crypto pundit, called it out immediately. Ripple subsequently deleted both the post and the accompanying blog article.
Ripple’s Initial Announcement
The post highlighted that two Qivalis members, BBVA and DZ BANK, already work with Ripple through Ripple Custody. It asked whether other banks would be ready when Qivalis launches. The implication was clear. Ripple was positioning itself as relevant to a landmark European stablecoin project.
WrathofKahneman called out the company. Ripple was not announcing new partners, not announcing any role in the Qivalis stablecoin, and not announcing direct participation. It was pointing to two existing customers who happen to sit inside a much larger consortium.
He added a follow-up that reframed everything. Qivalis had already chosen Fireblocks for its stablecoin infrastructure months earlier.
For the record, Qivalis selected Fireblocks for its stablecoin infrastructure a while back.
— WrathofKahneman (@WKahneman) November 9, 2026
What the Post Left Out
In April 2026, Qivalis selected Fireblocks to build the tokenization, custody, wallet, and compliance stack for its MiCA-compliant euro stablecoin. Ripple was not chosen. Its acquired custody business, formerly known as Metaco, lost out to a direct competitor.
BBVA and DZ BANK use Ripple Custody for their own separate digital asset operations. That relationship does not extend to the Qivalis stablecoin project itself. Ripple suggested proximity to a major European launch without disclosing that it lost the central infrastructure contract for that same launch. When that gap was identified publicly, the content disappeared without comment.
The XRP Backdrop
The episode lands during a difficult stretch for Ripple’s relationship with its community. XRP holders have grown increasingly frustrated with the company’s direction. Ripple’s expansion into stablecoins, custody, and institutional finance has not translated into stronger demand or price performance for XRP.
The frustration is not new. Community members have also grown vocal about Ripple prioritizing RLUSD over XRP. For many holders, the Qivalis post and its quiet deletion only reinforced the feeling that the company’s public messaging and its actual business are moving in different directions.
Ripple’s products and services have traction with major European banks an institutions. But the consortium building Europe’s most significant euro stablecoin chose someone else, and the public is now calling Ripple out for the attempt to draw a connection between the two.
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