Spain’s second-largest lender is joining a fast-forming consortium of major banks that plans to launch a regulated euro stablecoin and reshape digital payments in Europe.
Summary
BBVA becomes 12th bank in Qivalis consortium
BBVA, Spain’s second-largest bank by assets, has joined Qivalis, an Amsterdam-based consortium of EU lenders developing a regulated token linked to the euro. The move adds another major institution to a project designed to challenge the dominance of dollar-pegged crypto assets in cross-border payments.
With BBVA and its $800 billion in assets now on board, Qivalis counts a dozen large European Union banks among its members. Moreover, the group already includes high-profile lenders such as BNP Paribas, ING and UniCredit, underscoring the scale of banking support behind the initiative.
Bank-backed alternative to dollar stablecoins
The consortium’s core objective is to launch a token fully backed and issued by a network of established banks, rather than by crypto-native companies. However, the design still targets blockchain-based use cases, positioning the token as a direct alternative to dollar-denominated stablecoins currently used for trading, settlements and remittances.
Today, tokens linked to the U.S. dollar dominate the roughly $300 billion global stablecoin market. By contrast, euro-denominated stablecoins collectively have a market capitalization of less than $1 billion, highlighting the sizeable euro stablecoin marketcap gap that European institutions are now seeking to close.
Market context and dominant issuers
Of the total $300 billion stablecoin market, only about $860 million is tied to the euro. That said, the market is heavily concentrated: El Salvador-based Tether leads with its $185 billion USDT token, while New York-based Circle Internet’s (CRCL) USDC accounts for roughly $70 billion.
This concentration in dollar-pegged instruments has raised concerns in parts of Europe over long-term dependence on non-EU issuers for digital settlement assets. Moreover, it has strengthened arguments for a bank backed euro token supervised under European rules, rather than offshore stablecoins issued by private technology firms.
Use cases for euro-denominated blockchain payments
Qivalis argues that a euro-pegged token could allow EU companies and individuals to send and settle payments directly on blockchain networks while remaining inside the euro area. Crucially, users would not need to rely on traditional correspondent banking or on third-party providers based outside the bloc.
Such a token could underpin european onchain payments, wholesale settlements between banks and corporates, and programmable finance applications. However, its success will depend on both regulatory approval and adoption by payment processors, exchanges and corporate treasuries across the region.
Regulatory path under MiCA
To move forward, Qivalis is seeking authorization from the Dutch central bank to operate as an electronic money institution. This permission is a prerequisite to issue a regulated euro stablecoin under the European Union’s Markets in Crypto-Assets, or MiCA, framework, which is being phased in across the bloc.
The authorization process in the Netherlands is expected to be a key test case for mica stablecoin authorization in practice. Moreover, it will determine how EU supervisors interpret safeguards around reserves, transparency and redemption rights for bank-issued tokens.
Timeline and strategic ambitions
Qivalis plans to introduce its euro-linked token in the second half of 2026, assuming a smooth regulatory process. The project aims to build a shared set of technical and compliance standards that can be used by multiple institutions across the EU.
“Collaboration between banks is key to create common standards that support the evolution of the future banking model,” said Alicia Pertusa, head of partnerships and innovation at BBVA CIB, in a statement. Furthermore, she emphasized that joint work on digital assets could unlock new business models in trade finance and treasury services.
Qivalis positions itself as leading EU bank stablecoin project
For Qivalis, BBVA’s decision to join comes as validation of its strategy to build a European, bank-supported token from the ground up. In the words of Jan-Oliver Sell, CEO of Qivalis and a former executive of Coinbase Germany, BBVA’s involvement “reflects the increasing dedication of European banking institutions to jointly develop a European on-chain payment ecosystem based on the trust that banks provide.”
Sell added that this step consolidates Qivalis’ standing as Europe’s foremost eu bank stablecoin project. However, the initiative will face competition from private stablecoin issuers and from central bank projects, including ongoing discussions around a potential digital euro.
Implications for euro digital payment rails
Industry participants view the consortium’s work as part of a broader effort to upgrade euro digital payment rails for a tokenized economy. A widely adopted bank-issued coin could support securities settlement, cross-border trade and treasury operations conducted in near real time.
At the same time, the euro stablecoin debate is prompting policymakers, banks and fintech firms to reassess Europe’s role in the next phase of digital finance. In that context, moves by lenders like BBVA to join collaborative projects such as Qivalis signal that large institutions are no longer content to leave the field to dollar-based crypto issuers.
In summary, BBVA’s entry into the Qivalis consortium strengthens a growing coalition of EU banks betting that a regulated, bank-issued euro token can provide a credible alternative to dollar stablecoins and anchor Europe’s on-chain payment infrastructure by 2026.