[DigitalToday reporter Chi-gyu Hwang] Spain's BBVA has joined the European bank stablecoin project Qivalis.
According to a recent CoinDesk report, Qivalis is focused on launching a euro-based stablecoin to check the dominance of the digital dollar.
With BBVA joining, 12 major EU banks including BNP Paribas, ING and UniCredit are participating in Qivalis. In the $300 billion stablecoin market, euro-linked coins account for just $860 million. With U.S.-based Tether (USDT) and Circle (USDC) dominating the market, EU banks have a strategy to strengthen financial independence through their own stablecoin. Qivalis is seeking approval from the Dutch central bank as an e-money institution and is targeting a token launch in the second half of 2026.
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Chi-gyu Hwang
delight@d-today.co.kr