BBVA Joins Qivalis Consortium to Launch Euro-Backed Stablecoin by 2026
Spain's BBVA has become the twelfth bank to join the Qivalis consortium, a coalition of European financial giants including BNP Paribas, ING, and UniCredit. The group is developing a euro-pegged stablecoin aimed at revolutionizing cross-border payments. Slated for a 2026 launch, the digital asset promises near-instant settlement—a stark contrast to traditional multi-day clearance periods.
The initiative addresses Europe's need for a dollar-alternative in digital finance. Unlike dominant stablecoins like USDT and USDC, the BBVA Euro Stablecoin Qivalis will operate within the EU regulatory framework. For SMEs, this means eliminating the 3-5 day wait for international trade settlements. BBVA's participation brings formidable heft—the bank manages over $800 billion in assets.
