BBVA Joins 12-Bank Qivalis Push for a Regulated Euro Stablecoin
The bank-led project requires Dutch authorization under MiCA, leaving its launch timing dependent on that approval.
Overview
- BBVA becomes the 12th member of Amsterdam-based Qivalis, joining BNP Paribas, UniCredit, ING, CaixaBank, Raiffeisen Bank International, SEB, Danske Bank, KBC, Banca Sella, DekaBank, and DZ BANK.
- The consortium aims to issue a euro-pegged, bank-backed token as a compliant alternative to dollar-linked stablecoins from non-EU issuers.
- Qivalis is seeking authorization from the Dutch central bank to operate as an electronic money institution, a requirement under the EU’s MiCA rules.
- Launch expectations differ by source, with a BBVA-linked view pointing to H2 2025 if approval is granted and CoinDesk reporting a plan targeting H2 2026.
- BBVA and Qivalis executives say the effort is focused on common standards and an on-chain payments and settlement ecosystem for euro transactions.