BBVA has taken a significant step in the evolving landscape of digital currencies by joining a consortium of European banks focused on creating a euro-pegged stablecoin. The analytical report published in the material substantiates the following: this initiative aims to establish a robust alternative to the prevailing USD-dominated stablecoin market, with a launch anticipated in late 2026.
Formation of the Consortium
The consortium, which was originally formed in September 2025, now includes twelve financial institutions, all dedicated to developing a secure and compliant framework for the euro stablecoin. BBVA's involvement underscores the growing interest among European banks in digital currencies and their potential to enhance financial transactions across the continent.
Establishment of Qivalis
The newly established company, Qivalis, will oversee the issuance of the stablecoin. Currently, it is in the process of obtaining approval from the Dutch Central Bank to operate as an electronic money institution, a crucial step in ensuring regulatory compliance and operational legitimacy. As the project progresses, it is expected to play a pivotal role in shaping the future of digital finance in Europe.
The Global Alliance for Korean Won Stablecoin (GAKS) has recently made strides in establishing a framework for KRW stablecoins, contrasting with BBVA's efforts in the euro stablecoin space. For more details, see GAKS initiative.
