BBVA, Spain’s second-largest bank by assets, said it has joined Qivalis, a group of lenders seeking to introduce a regulated euro stablecoin and challenge the dominance of digital dollars.
If we add BBVA, which has $800 billion in assets, the group now includes a dozen major European Union banks, including BNP Paribas, ING and UniCredit.
The goal of the project is to create a token backed by a network of established banks, offering an alternative to crypto stablecoins, many of which are pegged to the dollar and operated by companies based outside the block.
Of the $300 billion stablecoin market, only $860 million is pegged to the single currency. El Salvador-based Tether dominates with its $185 billion USDT, followed by New York-based Circle Internet (CRCL) with $70 billion USDC.
A euro-pegged currency could allow EU businesses and consumers to make blockchain-based payments and settlements using euros, without relying on traditional financial avenues or third-party providers outside the bloc.
“Collaboration between banks is key to creating common standards that support the evolution of the future banking model,” said Alicia Pertusa, head of alliances and innovation at BBVA CIB, in a statement.
BBVA’s participation “reflects the growing dedication of European banking institutions to jointly develop a European on-chain payments ecosystem based on the trust that banks provide,” said Jan-Oliver Sell, CEO of Qivalis and former Coinbase Germany executive. “This step cements Qivalis’ position as Europe’s largest bank-backed stablecoin initiative.”
Qivalis is currently seeking authorization from the Dutch central bank to operate as an electronic money institution, a necessary step to issue stablecoins under the EU digital asset regulatory framework called MiCA.
The project plans to introduce the token in the second half of 2026.
Read More: BNP Paribas Joins EU Bank Stablecoin Venture Led by Former Coinbase Germany Executive
