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Spanish bank BBVA participates in EU banks’ stablecoin initiative to compete with digital currencies.
The $800 billion-asset bank is the 12th to join Amsterdam-based Qivalis, which aims to introduce a euro-pegged token this year.
BBVA has joined a consortium of EU banks aiming to create a euro-denominated stablecoin. (Christian Lue / Unsplash / Modified by CoinDesk)
What to know:
- BBVA, the second-largest bank in Spain by assets, has become a member of Qivalis, a coalition of leading EU banks, to develop a regulated euro stablecoin intended to compete with dollar-pegged tokens.
- Dollar-pegged tokens currently dominate the $300 billion stablecoin market, while euro-pegged tokens have a market capitalization of under $1 billion.
- Qivalis is seeking approval from the Dutch central bank under the EU’s MiCA regulatory framework and plans to launch its token in the latter half of 2026.
BBVA, Spain’s second-largest bank by assets, announced it has joined Qivalis, a consortium of banks working to launch a regulated euro stablecoin to challenge the preeminence of digital dollars.
With the addition of BBVA, which holds $800 billion in assets, the group now comprises a dozen prominent banks from the European Union, including BNP Paribas, ING, and UniCredit.
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The initiative aims to create a token supported by a network of established banks, providing an alternative to crypto-native stablecoins, many of which are dollar-linked and operated by entities outside the European Union.
Out of the $300 billion stablecoin market, only $860 million is associated with the euro. Tether, based in El Salvador, leads with its $185 billion USDT, followed by Circle Internet’s (CRCL) $70 billion USDC based in New York.
A euro-pegged token could enable businesses and consumers within the EU to conduct blockchain-based payments and settlements in euros, eliminating the need for traditional financial systems or third-party providers outside the region.
“Collaboration among banks is essential to establish common standards that will facilitate the development of the future banking model,” said Alicia Pertusa, head of partnerships and innovation at BBVA CIB, in a statement.
BBVA’s participation “reflects the growing commitment of European banking institutions to collaboratively develop a European on-chain payment ecosystem grounded in the trust that banks provide,” stated Jan-Oliver Sell, CEO of Qivalis and former executive at Coinbase Germany. “This milestone reinforces Qivalis’ position as the leading bank-supported stablecoin initiative in Europe.”
Qivalis is currently seeking authorization from the Dutch central bank to function as an electronic money institution, a necessary step to issue stablecoins under the EU’s MiCA digital asset regulatory framework.
The project aims to launch the token in the second half of 2026.
Read more: BNP Paribas Joins EU Bank Stablecoin Venture Helmed by Ex-Coinbase Germany Exec
