Spain’s BBVA has joined the Qivalis consortium alongside eleven major European banks to develop a euro-based stablecoin. The project seeks regulatory approval and commercial launch in late 2025.
BBVA, Spain’s second-largest bank, joined the Qivalis consortium, bringing the European stablecoin project to twelve member banks. BBVA now sits alongside BNP Paribas, UniCredit, ING, CaixaBank, Raiffeisen Bank International, SEB, Danske Bank, KBC, Banca Sella, DekaBank, and DZ BANK in the Amsterdam-based venture.
These institutions are building what they hope becomes a credible euro alternative to Tether and Circle‘s dominance. Those two US issuers control $256 billion in stablecoin market value, according to DeFiLlama. Europe wants in, and traditional banks see an opening under MiCA regulations that went live in December 2024.
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Qivalis still needs approval from the Dutch central bank as an electronic money institution. If that comes through, the group expects to launch commercially in the second half of 2025, according to the BBVA announcement.
Alicia Pertusa, who heads partnerships and innovation at BBVA’s corporate and investment banking arm, pointed to the bank’s track record. “Collaboration between banks 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. In this regard, BBVA brings to Qivalis extensive experience amassed over years of exploring and developing use cases linked to digital assets,” she said.
BBVA has spent years exploring digital assets and blockchain tools. In 2018, it was a pioneer in making corporate loans using blockchain technology, and it also offers custody and trading in Bitcoin and other cryptocurrencies since 2021 for selected clients. In 2025, they made significant moves in crypto, including offering MiCA-compliant services with Garanti, partnering with Binance, and beginning to offer Bitcoin and Ethereum trading services for its retail clients.
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The stablecoin will handle cross-border payments and settlements for tokenized assets on blockchain rails in Euros. Think faster international transfers for businesses or freelancers paying suppliers abroad through their regular banking app.
Whether European banks can compete with established players remains unclear, and even EU economists are warning about delays in a Digital Euro, which could weaken Europe’s monetary independence. More so now, with the roster keeping growing as US lawmakers push their own initiatives, like the GENIUS Act, to promote dollar-backed tokens.
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