BBVA is stepping deeper into the digital asset space.
Spain’s second-largest bank has joined a consortium of major European lenders working to launch a regulated euro-backed stablecoin under the EU’s MiCA framework. The group, which already includes names like BNP Paribas, ING, and UniCredit, is aiming to build a bank-supported on-chain payment system that can compete with the dominance of dollar-denominated stablecoins.
Right now, the global stablecoin market is overwhelmingly tied to the U.S. dollar, with only a small fraction linked to the euro. Projects like this suggest European banks don’t want to rely on foreign-issued tokens for blockchain payments and settlements in the long run.
If the Qivalis initiative clears regulatory approval, the euro stablecoin is expected to launch in the second half of 2026—potentially marking one of the first large-scale, bank-issued digital currencies in Europe.