⚡⚡ Spanish lender BBVA joins EU banks' stablecoin venture to challenge digital dollars
The $800 billion-asset bank is the 12th to join Amsterdam-based Qivalis. which aims to introduce a euro-pegged token this year.
Spain's second-largest bank by assets, BBVA, joined Qivalis, a group of a dozen major EU lenders, to develop a regulated euro stablecoin that's planned to rival dollar-based tokens.
Tokens tied to the U.S. dollar dominate the $300 billion stablecoin market, with euro-denominated tokens having less than $1 billion market capitalization.
Qivalis is seeking authorization from the Dutch central bank under the EU’s MiCA framework and plans to debut its token in the second half of 2026. BBVA, Spain's second-largest bank by assets, said it joined Qivalis, a group of lenders aiming to introduce a regulated euro stablecoin and challenge the dominance of digital dollars.
Adding BBVA, which has $800 billion of assets, the group now includes a dozen major European Union banks, including BNP Paribas, ING and UniCredit.
The project's goal is to create a token backed by a network of established banks, offering an alternative to crypto-native stablecoins, many of which are tied to the dollar and operated by companies based outside of the bloc.
Of the $300 billion stablecoin market, only $860 million are tied to the single currency. Tether, based in El Salvador, dominates with its $185 billion USDT, followed by New York-based Circle Internet's (CRCL) $70 billion USDC.