In a significant development for the European cryptocurrency landscape, BBVA has officially joined a consortium of banks that aims to launch a euro-pegged stablecoin by the second half of 2026. This consortium, formed in September 2025, seeks to create a robust alternative to the currently dominant USD-based stablecoin market.
The consortium, now including twelve financial institutions, was initially established by nine banks: ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. The group later welcomed BNP Paribas and DZ BANK before BBVA’s recent entry. Alicia Pertusa, head of partnerships and innovation at BBVA Corporate & Investment Banking, emphasized the importance of collaboration, stating that it 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, one of Spain’s largest banks, has been stepping up its involvement in digital asset projects. Previously, it collaborated with SWIFT to develop a blockchain platform designed to serve as a shared digital registry for banks worldwide. Now, with its membership in the euro-stablecoin consortium, BBVA is further solidifying its commitment to financial innovation.
The consortium has established a new enterprise named Qivalis to oversee the issuance of the stablecoin. Based in Amsterdam, Qivalis is currently awaiting approval from the Dutch Central Bank to operate as an electronic money institution. Jan-Oliver Sell, CEO of Qivalis, remarked on BBVA’s participation, noting that it marks an important step forward and strengthens the consortium’s network of banks committed to developing a secure, MiCAR-compliant euro stablecoin framework.
As the financial world increasingly embraces stablecoins, positive regulatory movements across various jurisdictions are creating an environment ripe for growth. However, it’s crucial to note the prevailing user preference for USD-based tokens. In recent data from CoinMarketCap, no non-USD stablecoin has made it into the top ten by market capitalization.
Currently, the largest non-USD stablecoin is Circle’s EURC, with a market cap of approximately $432 million. By comparison, its USD counterpart, the USDC, boasts a staggering market cap exceeding $70 billion, highlighting the challenges that stablecoin projects in Europe may face in garnering market attention.
As the launch date approaches, Qivalis will be working diligently to navigate regulatory hurdles and lay the groundwork for what could be a monumental shift in how digital currency operates within the European economy.
