Spain’s Sabadell Bank has officially joined the Qivalis consortium, a coalition of European banking giants focused on launching a euro-pegged stablecoin. This move comes at a critical juncture as traditional financial institutions scramble to adapt to the rapidly evolving landscape of digital currencies and stablecoins.
The announcement, made on Tuesday, highlights Sabadell’s commitment as the fourth-largest banking group in Spain by assets. As reported, the Qivalis initiative was established in Amsterdam in 2025 by several prominent European banks, with the goal of developing a Markets in Crypto Asset Regulation (MiCA) compliant stablecoin for issuance in the second half of 2026. The primary aim is to create a more efficient alternative to existing transaction methods while also striving to reduce the dominance of the US dollar in digital payments.
At a recent press conference, Sabadell’s CEO César González-Bueno emphasized the consortium’s mission, stating that the project is designed “to make transactions more efficient and secure.” He further articulated that this initiative represents an important European endeavor that aligns with the bank’s vision for the future.
Qivalis is already backed by a dozen major European financial institutions including ING, UniCredit, KBC, Danske Bank, and BNP Paribas. It is noteworthy that Sabadell’s move follows that of BBVA, Spain’s second-largest bank, which also joined the consortium last month. BBVA characterized collaboration within the consortium as essential for establishing common standards that support innovation and adaptability in the banking sector.
As reported by various financial news outlets, the explosive growth of the digital asset space has propelled traditional banks to explore the utility of blockchain technology more deeply. This shift has sparked interest among additional financial institutions contemplating affiliation with the Qivalis project.
Bankinter, Spain’s fifth-largest lender by market capitalization, has also expressed intentions to join the consortium, currently engaging in discussions and planning to provide updates by early summer. Other Spanish financial entities, such as Abanca, Kutxabank, and Cecabank, are reportedly also interested in becoming members of Qivalis.
Europe’s Ambition for Stablecoin Leadership
The consortium’s venture occurs amid broader efforts by European authorities and advocates to proliferate the continent’s stablecoin market, reducing the overpowering control of U.S. payment systems. In April, at the Paris Blockchain Week, French Finance Minister Roland Lescure championed the exploration of tokenized deposits and the creation of additional euro-pegged stablecoins, citing that such offerings currently account for less than 1% of the global stablecoin volume.
Despite being a significant global currency, the euro’s influence in the stablecoin sector is disappointing when juxtaposed with expectations based on its broader market standing. The organization Blockchain for Europe echoed these sentiments, arguing that the MiCA framework has inadvertently diminished the competitiveness of euro-pegged stablecoins compared to their U.S. counterparts, despite enhancing their security.
With skepticism among European policymakers about the future of electronic money tokens and regulation, there have been suggestions for revising MiCA regulations to bolster the European stablecoin market. These reforms aim to maximize the positive impact on the region’s economic landscape and fortify the position of European digital assets on the world stage.
