BBVA Joins EU Banks to Launch Euro Stablecoin Under MiCA Rules

BBVA joins Qivalis consortium as EU banks plan a regulated euro stablecoin to challenge dollar dominance in digital payments.

BBVA has joined a major European banking consortium to launch a regulated euro stablecoin. The development demonstrates increasing institutional interest in blockchain-based payments in Europe. Moreover, the initiative is intended to make the world less dependent on dollar-based digital currencies in global finance.

BBVA Enters Qivalis to Support Euro Stablecoin Plan

The second largest Spanish bank, BBVA, has $800 billion in assets and is part of the group Qivalis. The consortium currently consists of 12 major European banks including BNP Paribas, ING and UniCredit. Therefore, Qivalis is positioning itself as a unified banking backed stablecoin issuer.

Qivalis is seeking electronic money institution authorization with the Dutch central bank. This application is based on the framework for Markets in Crypto-Assets in the European Union, commonly referred to as MiCA. If passed, the euro stablecoin is projected to launch in the latter half of 2026.

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The joint venture is based in Amsterdam and has strict solvency and governance standards. In addition, it is consistent with customer protection rules that are established by EU crypto regulations. These measures are to ensure trust and stability to future users.

The consortium plans to have a shared euro-pegged digital currency. This token will enable secure exchange of digital assets and faster payments of euros between banks. As a result, the processes of settlement could be made more efficient across borders.

Euro Stablecoin Targets Faster Payments and Autonomy

Qivalis is aimed at enabling European banks to provide new payment and settlement solutions on the basis of blockchain technology. For example, a self-employed professional might pay foreign suppliers faster. Moreover, such payments could cost less by direct integration via banks.

The initiative is aimed at near-instant settlements offered 24*7. As a result, there is the potential for delays associated with correspondent banking and SWIFT systems to be reduced. This is an outright challenge to U.S. dollar-based stablecoins within the $300 billion global stablecoin market.

Qivalis has BBVA, BNP Paribas, ING, UniCredit, CaixaBank and Banca Sella. Other members are Danske Bank, DekaBank, DZ BANK, KBC, Raiffeisen Bank International and SEB. Together, these banks account for a wide European footprint.

Alicia Pertusa, Head of Partnerships and Innovation at BBVA CIB, stressed the importance of collaboration. She said that shared standards are essential for future banking models. Furthermore, BBVA has the experience of years of digital asset development.

Strategically, the stablecoin aims to encourage European payment independence. Blockchain programmability could be used for automated trade finance settlements. Therefore, complex supply chain transactions may be rendered more efficient.

This move is the latest in a series of digital asset moves by BBVA. In October 2024, BBVA teamed up with Visa to explore tokenized assets. Moreover, the bank already provides crypto custody services in Switzerland and Spain.

Overall, Qivalis is a coordinated European response to the growth of stablecoins. By combining regulation, scale, and banking trust, the project could shake up euro payments. Consequently, the initiative may boost Europe’s position in the field of digital finance.

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