Spain’s BBVA Latest To Join Bank Consortium Launching Euro Stablecoin
BBVA is the most recent entrant to the European financial institution consortium gearing as much as launch a euro-pegged stablecoin within the second half of 2026.
BBVA Has Joined Banking Consortium Behind Qivalis
According to an internet site announcement, BBVA has joined a consortium of 11 European monetary establishments which have created a three way partnership to launch a stablecoin tied to the euro. This consortium was first formed in September 2025 with the purpose behind it being the creation of a European various to the presently USD-dominated stablecoin market. Initially, it consisted of 9 banks: ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International.
In the months that adopted the consortium’s inauguration, two extra banks, BNP Paribas and DZ BANK, joined the fray. Now, it appears the group has gained a twelfth member with BBVA additionally signing up. Alicia Pertusa, head of partnerships & innovation at BBVA CIB, mentioned:
Collaboration between banks is essential to create frequent requirements that assist the evolution of the long run banking mannequin and ship monetary innovation to our shoppers in a constant and sensible manner.
BBVA, standing for Banco Bilbao Vizcaya Argentaria, is a Spanish multinational monetary providers establishment that primarily operates in Europe and South America. It’s Spain’s second-largest financial institution by way of property.
Previously, the financial institution has had involvement in initiatives associated to digital property, together with a collaboration with SWIFT to develop a blockchain platform to function a shared digital registry for banks globally. With its entry into the consortium, BBVA is now additionally backing the euro stablecoin.
The consortium has created a brand new firm referred to as Qivalis to deal with the issuance of the stablecoin. The agency is headquartered in Amsterdam and is presently ready on approval from the Dutch Central Bank to function as an digital cash establishment.
Jan-Oliver Sell, Qivalis CEO, famous:
Having BBVA be part of the banking consortium marks an essential step ahead. With their addition, our community now brings collectively twelve European banks dedicated to constructing a safe, MiCAR‑compliant euro stablecoin framework.
Currently, Qivalis has slated the business launch of the euro-pegged stablecoin for the second half of this 12 months, after the regulatory and technical hurdles are overcome.
Stablecoins have been gaining momentum world wide these days, with optimistic laws associated to them occurring in lots of jurisdictions. So far, nonetheless, customers have proven a continued desire for USD-based tokens. As CoinMarketCap‘s stablecoin leaderboard reveals, there isn’t a single non-USD coin inside the highest ten.
The largest non-USD stablecoin is Circle‘s EURC proper now, however its market cap of $432 million is fairly small when in comparison with the USD stablecoins. For perspective, Circle’s USD token, USDC, boasts a market cap of greater than $70 billion.
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