Spanish BBVA Joins Major EU Banks to Launch Euro Stablecoin

In a pivotal move for Europe’s digital finance landscape, Spanish banking giant BBVA has joined a consortium of major EU banks to launch a euro-pegged stablecoin. The initiative emphasizes faster payments, tokenized asset settlements, and reduced cross-border costs. 

Announced today via a press release, the collaboration through Qivalis aims to create a regulated alternative to dollar-dominated cryptocurrencies. The project aligns with broader EU initiatives to foster regulated crypto adoption and address inefficiencies in traditional payment systems. 

EU Banking Giants Explore Stablecoins

BBVA’s entry into Qivalis marks a significant milestone, now bringing the total number of renowned European banks involved to 12. The consortium includes Banca Sella, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. 

Qivalis is dedicated to developing a stablecoin backed by euro reserves and liquid assets. It focuses on solvency, governance, and customer protection, aligned with EU standards. By utilizing blockchain technology, Qivalis will streamline the settlement of tokenized financial instruments. This will significantly reduce the continent’s dependence on non-European stablecoins and bolster Europe’s digital payment landscape.

The launch is anticipated in the second half of 2026, pending regulatory approvals. Qivalis CEO Jan-Oliver Sell expressed his enthusiasm for BBVA’s involvement, noting the strengthened network of committed banks. He underscored the importance of building a resilient infrastructure that complies with MiCA regulations for global users. 

Regulatory Compliance

Qivalis operates under the EU’s Markets in Crypto-Assets framework, ensuring full regulatory compliance. The company is seeking authorization from the Dutch Central Bank as an electronic money institution. This process includes robust evaluations of financial stability and operational integrity. 

Designed with high-quality asset backing, the stablecoin aims to build user confidence while emphasizing protective standards to mitigate risks in volatile crypto markets. This initiative will facilitate secure, simultaneous exchanges of diverse digital assets and integrate smoothly with existing banking services, leading to lower costs and faster processing for cross-border payments.

Moreover, BBVA’s involvement leverages its experience in digital partnerships and technology pilots. Alicia Pertusa, Head of Partnerships & Innovation at BBVA CIB, highlighted the need for inter-bank collaboration in setting industry standards. 

Overall, the initiative strengthens Europe’s position in global digital finance and challenges the dominance of U.S.-based stablecoins such as USDT and USDC. By promoting a euro-centric alternative, it enhances economic integration within the EU. It also offers consumers accessible, low-cost financial tools, potentially increasing mainstream blockchain adoption in regulated environments.

The post Spanish BBVA Joins Major EU Banks to Launch Euro Stablecoin appeared first on CoinTab News.