Spanish banking giant BBVA, which holds about $800 billion in assets, is the 12th institution to join Amsterdam-based Qivalis as it prepares a euro-pegged stablecoin slated for launch later this year. The move signals growing institutional backing for a euro alternative to dollar-linked tokens.
BNP Paribas is among ten European banks that formed Qivalis in the Netherlands to issue a euro-backed stablecoin, aiming to deliver a regulated digital euro payment solution.