BBVA Joins Qivalis to Develop Euro Stablecoin

BBVA Joins Euro-Based Stablecoin Project

BBVA, Spain's second-largest bank, has begun developing a euro-backed stablecoin in collaboration with a group called Qivalis. This group includes more than a dozen major banks located in the European Union.

The stablecoin market has reached a size of $300 billion globally; however, a significant portion of this market is dominated by U.S. dollar-pegged tokens. In Europe, the market value of euro-pegged tokens remains below $1 billion.

Qivalis is awaiting approval from the Dutch Central Bank for the realization of the project. It is stated that the project is being carried out under the EU's MiCA regulation. Qivalis plans to launch the developed token in the second half of 2026.