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BTCC / BTCC Square / Global Cryptocurrency /
BBVA Joins European Consortium to Launch Euro Stablecoin Challenging Dollar Dominance

BBVA Joins European Consortium to Launch Euro Stablecoin Challenging Dollar Dominance

Author:
Global Cryptocurrency
Published:
2026-02-05 10:19:02
10
2
BTCCSquare news:

Twelve major European banks, including BBVA, BNP Paribas, and UniCredit, have formed the Qivalis consortium to develop a regulated euro-denominated stablecoin. This initiative directly challenges the supremacy of dollar-pegged stablecoins like Tether's USDT and Circle's USDC, which currently dominate the $185 billion market.

The consortium's blockchain-based solution will comply with the EU's Markets in Crypto-Assets (MiCA) regulations, positioning it as a sovereign alternative for decentralized payments. Unlike existing euro stablecoins that struggle to surpass $1 billion in market cap, this banking-backed project aims for institutional-grade adoption.

Amsterdam-based Qivalis represents Europe's most coordinated effort yet to reduce dependency on dollar instruments in digital asset markets. The participation of Spain's second-largest bank (BBVA) and other financial heavyweights signals serious institutional commitment to crypto infrastructure development.

|Square

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