BBVA Joins EU Consortium to Develop Euro Stablecoin, Challenging US Dominance
BBVA has aligned with the Qivalis initiative, a European banking consortium focused on launching a regulated euro-pegged stablecoin. The Spanish lender joins BNP Paribas, ING, and UniCredit in an effort to reduce reliance on dollar-backed alternatives like Tether and USDC.
The project seeks approval under MiCA regulations from Dutch authorities, positioning itself as the first compliant euro stablecoin solution. Blockchain-based settlements promise faster cross-border transactions within the EU single market.
This MOVE signals growing institutional conviction in digital assets, with BBVA's participation underscoring its multi-year blockchain strategy. The consortium aims to launch before 2025, coinciding with broader CBDC developments across Europe.
