BBVA, Spain’s second-largest bank by assets, said it joined Qivalis, a group of lenders aiming to introduce a regulated euro stablecoin and challenge the dominance of digital dollars.
By adding BBVA, which has $800 billion in assets, the group now includes a dozen major EU banks, including BNP Paribas, ING and UniCredit.
The project’s goal is to create a token backed by a network of established banks that offers an alternative to crypto-native stablecoins, many of which are pegged to the dollar and run by companies based outside the block.
Of the $300 billion stablecoin market, only $860 million is tied to the single currency. Tether, based in El Salvador, dominates with its $185 billion USDT, followed by New York-based Circle Internet’s (CRCL) $70 billion USDC.
A euro-pegged coin could allow EU businesses and consumers to make blockchain-based payments and settlements using the euro, without relying on traditional financial rails or third-party providers outside the bloc.
“Cooperation between banks is key to creating common standards that support the development of the future banking model,” Alicia Pertusa, head of partnerships and innovation at BBVA CIB, said in a statement.
BBVA’s involvement “reflects the increasing dedication of European banking institutions to jointly develop a European on-chain payment ecosystem based on the trust provided by banks,” said Jan-Oliver Sell, CEO of Qivalis and a former director of Coinbase Germany. “This step consolidates Qivalis’ status as Europe’s leading bank-backed stablecoin initiative.”
Qivalis is currently pursuing permission from the Dutch central bank to operate as an electronic money institution, a step required to issue stablecoins under the EU’s regulatory framework for digital assets, called MiCA.
The project plans to debut the token in the second half of 2026.
Read more: BNP Paribas Joins EU Bank Stablecoin Venture Led by Ex-Coinbase Germany Exec
