BBVA Joins European Bank Consortium to Launch Euro Stablecoin

BBVA, Spain’s second-largest bank by assets, has joined Qivalis, a consortium of major European lenders building a regulated euro-backed stablecoin. The move positions the group to challenge dollar-dominated digital currencies in blockchain payments.

Spain's second-largest bank BBVA (with $800 billion in assets) joins the Qivalis group, which now includes 12 major EU banks (including BNP Paribas, ING, and UniCredit), aiming to launch a regulated euro stablecoin to challenge dollar stablecoin dominance. Qivalis is applying to…

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With BBVA’s $800 billion asset base now in the fold, Qivalis counts a dozen major European Union banks among its members. BNP Paribas, ING, and UniCredit are also part of the Amsterdam-based initiative.

The consortium aims to launch its euro-pegged token in the second half of 2026. Qivalis is currently seeking authorization from the Dutch central bank to operate as an electronic money institution under the EU’s MiCA framework.

European Banks Unite Against Dollar Dominance

The stablecoin market currently stands at $300 billion. However, only $860 million of that total is tied to the euro. Tether’s USDT leads the market with $185 billion, followed by Circle’s USDC at $70 billion.

Both dominant stablecoins are dollar-backed and operated by companies outside the European Union. Tether is based in El Salvador, while Circle operates from New York.

A euro-pegged stablecoin would allow EU businesses and consumers to conduct blockchain-based payments in euros. This would eliminate reliance on traditional financial rails or third-party providers based outside the bloc.

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.

Jan-Oliver Sell, CEO of Qivalis and former Coinbase Germany executive, welcomed the expansion. He stated that BBVA’s involvement reflects European banks’ dedication to jointly developing an on-chain payment ecosystem.

Regulatory Framework Takes Shape Globally

BNP Paribas joined the consortium in December 2025, citing the need to support shifting client needs. The French banking giant emphasized that the initiative contributes to Europe’s strategic autonomy in payments.

The bank committed to supporting blockchain-based digital payment ecosystems with secure, compliant solutions. BNP Paribas is working with corporate clients to identify and test concrete use cases for these new payment methods.

Meanwhile, regulatory frameworks for stablecoins are advancing globally. Hong Kong is set to approve its first stablecoin licenses as early as March 2026, according to the Hong Kong Monetary Authority.

🚨 JUST IN: HONG KONG MONETARY AUTHORITY SET TO GRANT ITS FIRST STABLECOIN LICENSES IN MARCH, WITH ONLY A SMALL NUMBER TO BE APPROVED INITIALLY. pic.twitter.com/uMqpcpG9e9

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HKMA chief executive Eddie Yue confirmed the review process is nearing completion. Only a small number of applicants will receive approval in the initial phase.

The Hong Kong regulator is assessing real-world use cases, reserve backing quality, and risk management systems. Anti-money laundering controls are also under scrutiny. No stablecoin issuer has yet received approval under the new regime.

Qivalis has established its governance structure and is preparing for its 2026 launch. The entity’s focus remains on obtaining the necessary electronic money institution license from Dutch authorities.

Sell described Qivalis as “Europe’s foremost bank-supported stablecoin initiative.” The project differentiates itself from crypto-native stablecoins by leveraging the trust and regulatory standing of established banks.

The consortium’s approach aligns with the EU’s broader digital asset regulatory framework. MiCA provides clear rules for stablecoin issuers operating within the bloc, requiring proper licensing and reserve management.

European banks view the initiative as essential for maintaining competitiveness in evolving payment systems. The project represents a coordinated response to the growing influence of dollar-denominated digital assets in global commerce.