BBVA Joins EU Banks’ Stablecoin Push to Challenge Dollar Dominance
BBVA has become the 12th member of Qivalis, the Amsterdam-based consortium developing a euro-pegged token expected to launch later this year. With roughly $800 billion in assets, BBVA’s participation boosts the initiative’s institutional heft and underlines a coordinated effort by European banks to build market-ready digital euro liquidity outside of central bank digital currency programs.
The development matters because a bank-backed euro stablecoin could provide a viable on‑ramp for euro-denominated digital payments and cross-border transfers, reducing reliance on dollar-pegged tokens. Institutional involvement also makes regulatory engagement more likely and could accelerate adoption among corporates and payment providers, strengthening the euro’s role in crypto rails and digital finance infrastructure.