BBVA has joined the Qivalis banking consortium to help launch a regulated BBVA Qivalis euro stablecoin. This move shows strong institutional interest in blockchain-based finance across Europe. It also aims to reduce reliance on U.S. dollar stablecoins.
Specifically, BBVA—the second-largest bank in Spain—brings $800 billion in assets to the group. Qivalis now includes 12 major European banks, such as BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, and SEB. Together, they plan to issue a unified, bank-backed digital euro.
Qivalis is applying for an electronic money license from the Dutch central bank. The application uses the EU’s MiCA regulatory framework. If approved, the BBVA Qivalis euro stablecoin will launch in the second half of 2026.
The stablecoin will be fully backed by euros. It will enable fast, secure payments between banks and businesses. Users could settle cross-border transactions instantly—24/7—without SWIFT delays or high fees.
The consortium built its system on strict EU rules for solvency, governance, and customer protection. These measures aim to ensure trust and stability.
For example, a freelancer in Madrid could pay a supplier in Warsaw within seconds. Trade finance could also become more efficient through automated, blockchain-based settlements.
Alicia Pertusa, Head of Partnerships and Innovation at BBVA CIB, stressed the need for collaboration. “Shared standards are essential for future banking models,” she said. BBVA brings years of digital asset experience to the table, including crypto custody in Spain and Switzerland and a 2024 Visa partnership on tokenized assets.
Strategically, the BBVA Qivalis euro stablecoin supports Europe’s push for payment sovereignty. With over $300 billion in global stablecoin value—and most pegged to the dollar—this project offers a credible, regulated alternative.
In short, Qivalis is Europe’s coordinated response to private digital currencies. By combining scale, compliance, and trusted banks, it aims to reshape how euros move in the digital age.
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