BBVA joins European bank consortium for euro stablecoin

16:20

By: Dakir Madiha

BBVA joins European bank consortium for euro stablecoin

BBVA has abandoned its individual stablecoin project to join Qivalis, a consortium of 12 major European banks developing an euro-pegged stablecoin. Announced Wednesday, the Spanish bank's entry unites some of Europe's largest financial institutions under a single regulatory framework to challenge dollar-dominated digital currencies.

The Amsterdam-based venture now includes BBVA, BNP Paribas, CaixaBank, Banca Sella, Danske Bank, DekaBank, DZ Bank, ING, KBC, Raiffeisen Bank International, SEB and UniCredit. It targets a commercial launch in the second half of 2026, pending approval as an electronic money institution by the Dutch central bank.

BBVA's move marks a strategic shift. The bank had been building its own stablecoin with Visa but shelved it for Qivalis. "Our own stablecoin development will not continue in its original form after joining Qivalis. This reflects market evolution, where sectoral initiatives offer greater scale, better interoperability and superior client value over standalone solutions," a BBVA spokesperson told CincoDías.

Qivalis CEO Jan-Oliver Sell, former managing director of Coinbase Germany, welcomed the addition. "BBVA's integration is a major step forward. Our network now unites twelve European banks building a secure euro stablecoin framework compliant with MiCA regulations," Sell stated.

The initiative counters U.S. dollar stablecoins, which hold over 99 percent of the global market. Qivalis promises near-instant low-cost payments, programmable transactions and blockchain-based digital asset settlement.

Sir Howard Davies, former NatWest chairman and Financial Services Authority head, chairs Qivalis, while ING digital assets chief Floris Lugt serves as CFO. Lugt noted encouraging signals from the European Central Bank, adding that "strategic autonomy in European payments represents a key policy goal."

Analysts forecast explosive growth for euro stablecoins. S&P Global Ratings projects the market could hit 1,100 billion euros by 2030, up roughly 1,600 times from 650 million euros at end-2025. Tokenized assets, not payments, will drive most demand, with MiCA providing clear rules for issuers since January 2025.