Ripple deletes Qivalis stablecoin post after Fireblocks partnership revealed

Ripple, a US-based blockchain technology company best known for its payments platform and its association with the XRP cryptocurrency, deleted a recent online post that suggested a connection to Qivalis, a newly formed consortium of 37 European banks preparing to issue a euro-backed stablecoin.

Ripple’s deleted stablecoin announcement

The original post highlighted that two Qivalis members, BBVA and DZ BANK, are existing clients of Ripple’s cryptocurrency custody service. Ripple questioned whether other banks would follow in their footsteps when Qivalis launches its stablecoin, implying a relationship with the forthcoming project.

WrathofKahneman, a widely followed crypto analyst on X (formerly Twitter), was quick to point out that Ripple had not announced any new partnerships, nor claimed any active role in the Qivalis stablecoin project. The post merely mentioned two already established customers who happen to be part of the larger Qivalis group.

Shortly after this critique, Ripple deleted both the social media post and the accompanying blog article, removing all references to its involvement with Qivalis.

For the record, Qivalis selected Fireblocks for its stablecoin infrastructure a while back.

Qivalis had previously selected Fireblocks, a digital asset custody provider, as its partner for building the infrastructure of its stablecoin, including tokenization, custody, wallet services, and compliance. Ripple and its acquired custody arm, formerly known as Metaco, were not chosen for this contract.

Mini dictionary: Qivalis is a consortium of 37 major European banks collaborating to launch a euro-backed stablecoin designed to meet the European Union’s MiCA regulatory standards for digital assets.

Ripple’s actual relationships and unmentioned context

BBVA and DZ BANK utilize Ripple Custody services for their own independent digital asset management. However, this relationship does not include the Qivalis stablecoin initiative. Public records show that Ripple did not secure the central infrastructure contract for the initiative, and its own custody technology was passed over in favor of Fireblocks earlier this year.

Observers criticized Ripple for its initial suggestion of involvement, saying the company omitted key details about the true scope of its participation and the outcome of the Qivalis selection process.

The mood among XRP holders

This incident occurs amid growing discontent among XRP holders, who have expressed concerns about Ripple’s business direction. Community members report frustration over Ripple’s current focus on stablecoins, custody solutions, and institutional financial products, none of which have led to increased demand or a sustained rise in the price of $XRP.

Additionally, some holders voice dissatisfaction about Ripple’s perceived prioritization of its RLUSD stablecoin over XRP, arguing that the company’s communication is out of sync with its on-the-ground business developments. Ripple’s removal of the Qivalis-related content has added to skepticism over its marketing and strategic transparency.

Many in the XRP community have expressed growing frustration as Ripple’s expansion into stablecoins and institutional products has not translated to stronger performance for $XRP, with recent incidents raising further questions about the company’s messaging.

While Ripple continues to maintain prominent clients among major European banks, the selection of Fireblocks by Qivalis for the region’s most significant euro stablecoin offering has intensified scrutiny of Ripple’s current business trajectory and public claims.