Key Points
- BBVA joined the Qivalis consortium, expanding a European bank-led effort to issue a euro-denominated stablecoin.
- The project targets regulated euro stablecoin payments under MiCA, aiming for a potential 2025 launch.
BBVA, Spain’s second-largest bank, joined the Qivalis consortium, increasing the total number of participating European banks to twelve. The Amsterdam-based initiative includes major lenders from across the euro area seeking a shared digital payments solution.
The consortium aims to develop a regulated euro stablecoin positioned as an alternative to dominant U.S.-issued tokens such as Tether and Circle. These issuers currently represent a substantial majority of global stablecoin market value, according to public market data.
European banks see an opportunity under the Markets in Crypto-Assets (MiCA) framework, which became effective in December 2024. The regulation establishes a unified legal basis for stablecoin issuance and digital asset services across the European Union.
BBVA and the Qivalis Stablecoin Initiative
Qivalis is still awaiting authorization from the Dutch central bank to operate as an electronic money institution. If approval is granted, the consortium expects commercial operations to begin in the second half of 2025, according to official statements from participating banks.
BBVA’s management has highlighted its experience in collaborative banking and digital asset experimentation. The bank has previously emphasized cross-institution cooperation as a way to develop shared standards for future financial infrastructure.
BBVA has explored blockchain-based financial tools for several years, including early use of distributed ledger technology in corporate lending. It has also offered cryptocurrency custody and trading services for selected clients, including support for Bitcoin and Ethereum, and has partnered with platforms such as Binance on specific crypto-related services.
Euro Stablecoin and Market Context
The planned stablecoin is intended to facilitate cross-border payments and the settlement of tokenized assets using blockchain infrastructure, while remaining denominated in euros. Supporters argue this could improve efficiency for businesses conducting international transactions through traditional banking channels.
The broader market remains competitive, with ongoing debate about whether European initiatives can match established global players. Some economists have cautioned that delays in launching a digital euro could affect Europe’s strategic position as other jurisdictions advance their own stablecoin policies.
