The $800 billion-asset bank is the 12th to join Amsterdam-based Qivalis, which aims to introduce a euro-pegged token this year.
Feb 4, 2026, 3: 45 p.m.
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.
A euro-pegged coin could allow EU businesses and consumers to make blockchain-based payments and settlements using euros, without relying on traditional financial rails or third-party providers outside the bloc.
“Collabor