Spanish lender BBVA joins stablecoin venture of EU banks to challenge digital dollars

BBVA, Spain's second-largest bank with $800 billion in assets, has become the 12th lender to join Qivalis, an Amsterdam-based initiative focused on introducing a regulated, euro-pegged stablecoin. This project, which includes major EU banks like BNP Paribas, ING, and UniCredit, seeks to create a bank-backed token as an alternative to crypto-native stablecoins, most of which are dollar-tied and operated by non-EU entities. Currently, only a small fraction of the $300 billion stablecoin market is pegged to the euro. Qivalis aims to enable EU businesses and consumers to conduct blockchain-based payments using euros without relying on external third parties. The group is seeking authorization from the Dutch central bank to operate under the EU's MiCA regulation and plans to debut its token in the second half of 2026. BBVA stated that collaboration is key to developing common standards for the future banking model.

(Source：CoinDesk)