European Banking Giants Unite Under Qivalis to Develop Euro-Pegged Stablecoin

BBVA joined a consortium of major European banks on Wednesday, February 4, to form Qivalis, a joint venture aimed at issuing a MiCA-regulated euro-pegged stablecoin for payments and digital asset settlement across the European Union.

The initiative reflects a growing shift by traditional financial institutions toward blockchain-based payment infrastructure under clear regulatory oversight.

Qivalis is designed to enable instant conversion between euros and digital assets while reducing transaction costs and settlement times for cross-border payments.

By using a shared blockchain-based infrastructure, participating banks aim to modernize interbank transfers and tokenized asset settlement without relying on fragmented legacy systems.

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Banks Move Into Stablecoins Under MiCA

Qivalis is headquartered in Amsterdam and operates within the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, which establishes rules on governance, solvency, consumer protection, and reserve management for digital asset issuers.

The venture is currently seeking authorization as an electronic money institution from the Dutch central bank, a regulatory requirement before issuing a euro-linked stablecoin.

The consortium is composed of BBVA, along with Banca Sella, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.

This is a substantial part of Europe’s banking system, indicating that blockchain payment systems are being developed on an industry-wide scale.

A Regulated Alternative to Private Stablecoins

Unlike stablecoins such as USDT and USDC, which were created and issued by individuals and companies, Qivalis seeks to issue a digital euro token backed by a bank and fully integrated into the regulated banking system.

The project is centered on ensuring interoperability between banks so that users can transfer value on a chain while still maintaining existing legal and regulatory standards.

The system could potentially allow businesses and self-employed individuals to settle payments with their suppliers more quickly and at less cost compared to the traditional correspondent banking approach.

Since the stablecoin is distributed by regulated financial institutions, users will not have to deal with offshore issuers and unregulated financial institutions.

BBVA Expands Its Digital Asset Strategy With Qivalis

BBVA’s involvement in Qivalis follows on from its broader engagement with various blockchain and digital asset initiatives across Europe.

BBVA has previously investigated distributed ledger technology for cross-border payments, shared registries, and tokenized financial products for both retail and corporate clients. 

In Qivalis, BBVA and its partners are now taking their project beyond a series of pilots and into a scalable commercial solution. Development and regulatory work are underway, with a market launch planned for the second half of 2026, pending regulatory approval.

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