BBVA Becomes 12th Member of Qivalis as Banks Push for Euro Stablecoin
Spain’s BBVA joins an Amsterdam-based consortium of European banks seeking to issue a euro-pegged stablecoin to rival US issuers.
Spain’s BBVA has joined the Amsterdam-based Qivalis consortium as its 12th member, bringing the roster to include BNP Paribas, UniCredit, ING, CaixaBank, Raiffeisen Bank International, SEB, Danske Bank, KBC, Banca Sella, DekaBank and DZ BANK [1]. BBVA is described as a roughly $800 billion-asset bank, increasing the balance-sheet commitment behind the project [2][3].
The consortium is building a euro-pegged stablecoin intended to provide a European alternative to US issuers Tether and Circle, which together control about $256 billion in stablecoin market value [1][2].
Industry coverage says BBVA’s entry shifts the effort from exploratory coordination into competitive execution among institutional banks, and Qivalis aims to introduce the token this year [3][2].
BBVA’s participation strengthens Qivalis’s institutional backing as the group advances toward issuing a regulated, bank-backed euro stablecoin meant to challenge U.S. dominance in the market [1][3][4].
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Citations
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- 1BBVA Joins Twelve European Banks Building Euro Stablecoin to Challenge Tether DominanceCoinspeaker• Feb 4, 2026
- 2Spanish lender BBVA joins EU banks' stablecoin venture to challenge digital dollarsCoinDesk• Feb 4, 2026
- 3BBVA’s Move Signals Europe’s Stablecoin Race Has Entered Its Institutional PhaseETHNews• Feb 4, 2026
- 4Spanish banking giant BBVA joins Qivalis consortium to issue European stablecoinCrypto Briefing• Feb 4, 2026
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