BBVA Joins 12‑Bank Qivalis Consortium to Launch MiCAR‑Compliant Euro Stablecoin in H2 2026 Clickable image
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BBVA Joins 12‑Bank Qivalis Consortium to Launch MiCAR‑Compliant Euro Stablecoin in H2 2026



BBVA has joined a growing group of European banks racing to launch a euro‑pegged stablecoin, tipping the consortium’s membership to 12 as it targets a commercial debut in the second half of 2026.

What changed
– BBVA announced via its website that it has signed on to a joint venture formed to issue a euro stablecoin. The bank — Spain’s second‑largest by assets and a major player in Europe and Latin America — becomes the consortium’s twelfth member.
– The consortium began in September 2025 with nine banks (ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International). BNP Paribas and DZ BANK joined later, and now BBVA has come on board.

Why it matters
– The project aims to create a European alternative to the USD‑centric stablecoin market and to build a euro token designed to comply with MiCAR rules. Alicia Pertusa, head of partnerships & innovation at BBVA CIB, framed the move as a collaborative effort to “create common standards that support the evolution of the future banking model and deliver financial innovation to our clients in a consistent and practical way.”

The vehicle: Qivalis
– The banks have set up a new Amsterdam‑based company called Qivalis to issue the token. Qivalis is seeking approval from the Dutch Central Bank to operate as an electronic money institution.
– Jan‑Oliver Sell, Qivalis CEO, said BBVA’s addition “marks an important step forward,” noting the network now “brings together twelve European banks committed to building a secure, MiCAR‑compliant euro stablecoin framework.”
– Assuming regulatory and technical hurdles are cleared, the consortium expects a commercial launch in H2 2026.

Context and competition
– Stablecoins are gaining regulatory attention globally, but market demand remains overwhelmingly tilted toward USD‑pegged tokens. CoinMarketCap’s stablecoin rankings show no non‑USD coin in the top 10. The largest euro token today is Circle’s EURC, with a market cap of roughly $432 million — tiny beside USDC’s more than $70 billion.
– BBVA itself has prior ties to digital‑asset experimentation, including a collaboration with SWIFT to develop a shared blockchain registry for banks, signaling the bank’s ongoing interest in tokenization and digital infrastructure.

Market backdrop
– The stablecoin push comes as crypto markets remain volatile: bitcoin has recently eased to around $69,400.

What to watch next
– Whether the Dutch Central Bank grants Qivalis an e‑money licence, how the consortium implements MiCAR compliance, and whether a euro stablecoin can gain adoption against entrenched USD alternatives. The consortium’s ability to stitch together regulatory, custody and liquidity arrangements across multiple banks will be key to the token’s commercial success.

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