BBVA, Spain’s second-largest bank by assets, said it has 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 European Union banks, including BNP Paribas, ING and UniCredit.
The project’s goal is to create a token backed by a network of established banks, providing an alternative to crypto-native stablecoins, many of which are pegged to the dollar and operated by companies based outside the bloc.
Of the $300 billion stablecoin market, only $860 million is tied 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 coin could allow EU businesses and consumers to make blockchain-based payments and settlements using the euro, without relying on traditional financial channels or third-party providers outside the bloc.
“Collaboration between banks is essential to create common standards that support the evolution of the future banking model,” Alicia Pertusa, head of partnerships and innovation at BBVA CIB, said in a statement.
BBVA’s involvement “reflects the growing commitment of European banking institutions to jointly develop a European blockchain payment ecosystem based on the trust that banks provide,” said Jan-Oliver Sell, CEO of Qivalis and former Coinbase Germany executive. “This milestone solidifies Qivalis’ position as the leading bank-backed stablecoin initiative in Europe.”
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’s digital asset regulatory framework called MiCA.
The project plans to launch the token in the second half of 2026.
Read more: BNP Paribas joins European bank’s Stablecoin business led by former Coinbase Germany executive
