Spain’s BBVA Latest To Join Bank Consortium Launching Euro Stablecoin

bitcoinistPublished on 2026-02-06Last updated on 2026-02-06

Abstract

BBVA has become the twelfth member of a European banking consortium that plans to launch a euro-pegged stablecoin in the second half of 2026. The consortium, which includes major banks like ING, BNP Paribas, and UniCredit, formed a joint venture called Qivalis to issue the stablecoin. Headquartered in Amsterdam, Qivalis is awaiting regulatory approval from the Dutch Central Bank. The initiative aims to create a MiCAR-compliant European alternative to the USD-dominated stablecoin market. Currently, no euro stablecoin ranks in the top ten by market cap, with USD-based tokens like USDT and USDC continuing to dominate.

BBVA is the latest entrant to the European bank consortium gearing up to launch a euro-pegged stablecoin in the second half of 2026.

BBVA Has Joined Banking Consortium Behind Qivalis

According to a website announcement, BBVA has joined a consortium of eleven European financial institutions that have created a joint venture to launch a stablecoin tied to the euro. This consortium was first formed in September 2025 with the goal behind it being the creation of a European alternative to the currently USD-dominated stablecoin market. Initially, it consisted of nine banks: ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International.

In the months that followed the consortium’s inauguration, two more banks, BNP Paribas and DZ BANK, joined the fray. Now, it seems the group has gained a twelfth member with BBVA also signing up. Alicia Pertusa, head of partnerships & innovation at BBVA CIB, said:

Collaboration between banks is key to create common standards that support the evolution of the future banking model and deliver financial innovation to our clients in a consistent and practical way.

BBVA, standing for Banco Bilbao Vizcaya Argentaria, is a Spanish multinational financial services institution that mainly operates in Europe and South America. It’s Spain’s second-largest bank in terms of assets.

Previously, the bank has had involvement in projects related to digital assets, including a collaboration with SWIFT to develop a blockchain platform to serve as a shared digital registry for banks globally. With its entry into the consortium, BBVA is now also backing the euro stablecoin.

The consortium has created a new company called Qivalis to handle the issuance of the stablecoin. The firm is headquartered in Amsterdam and is currently waiting on approval from the Dutch Central Bank to operate as an electronic money institution.

Jan-Oliver Sell, Qivalis CEO, noted:

Having BBVA join the banking consortium marks an important step forward. With their addition, our network now brings together twelve European banks committed to building a secure, MiCAR‐compliant euro stablecoin framework.

Currently, Qivalis has slated the commercial launch of the euro-pegged stablecoin for the second half of this year, after the regulatory and technical hurdles are overcome.

Stablecoins have been gaining momentum around the world lately, with positive legislation related to them occurring in many jurisdictions. So far, however, users have shown a continued preference for USD-based tokens. As CoinMarketCap‘s stablecoin leaderboard shows, there isn’t a single non-USD coin inside the top ten.

Tether's coin continues to be the most dominant in the space | Source: CoinMarketCap

The largest non-USD stablecoin is Circle‘s EURC right now, but its market cap of $432 million is pretty small when compared to the USD stablecoins. For perspective, Circle’s USD token, USDC, boasts a market cap of more than $70 billion.

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Bitcoin has continued to slide recently as its price has come down to the $69,400 level.

Looks like the price of the coin has plunged | Source: BTCUSDT on TradingView

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Related Questions

QWhat is the name of the new company created by the banking group to issue the euro stablecoin?

AThe new company created to issue the euro stablecoin is called Qivalis.

QHow many banks are now part of the consortium after BBVA joined?

AThere are now twelve banks in the consortium after BBVA joined.

QWhat is the stated goal of the banking consortium in creating a euro stablecoin?

AThe goal is to create a European alternative to the currently USD-dominated stablecoin market.

QWhat is the current status of the largest non-USD stablecoin, EURC, in terms of market capitalization?

ACircle's EURC has a market capitalization of $432 million, which is small compared to USD stablecoins like USDC which has a market cap of over $70 billion.

QFrom which central bank is Qivalis currently awaiting approval to operate?

AQivalis is currently waiting for approval from the Dutch Central Bank to operate as an electronic money institution.

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