BBVA Joins Qivalis EU Stablecoin Initiative to Launch Euro-Pegged Token in H2 2026

BBVA, the EU’s second-largest bank with $800 billion in assets, has joined Qivalis, a consortium of lenders developing a regulated euro-pegged stablecoin to compete with dollar-based digital currencies. The group, now comprising a dozen EU banks including BNP Paribas, ING, and UniCredit, aims to issue a token backed by a consortium of trusted institutions, offering an on-chain alternative to U.S.-centric stablecoins. Of the $300 billion global stablecoin market, only $860 million are in euros, with Tether’s $185 billion USDT and Circle Internet’s $70 billion USDC leading in U.S. dollars. The project seeks authorization from the Dutch central bank under MiCA to operate as an electronic money institution and is targeting a potential H2 2026 debut.