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Key NotesQivalis now comprises twelve major European banks including BBVA, BNP Paribas, and UniCredit, positioning itself against US stablecoin dominance worth $256 billion.The consortium’s euro stablecoin will facilitate cross-border blockchain payments and settlements, offering faster international transfers for businesses and freelancers.Commercial launch expected in H2 2025 pending Dutch central bank approval as an electronic money institution under MiCA regulatory framework.
BBVA, Spain’s second-largest bank, joined the Qivalis consortium, bringing the European stablecoin project to twelve member banks. BBVA now sits alongside BNP Paribas, UniCredit, ING, CaixaBank, Raiffeisen Bank International, SEB, Danske Bank, KBC, Banca Sella, DekaBank, and DZ BANK in the Amsterdam-based venture.
These institutions are building what they hope becomes a credible euro alternative to Tether and Circle‘s dominance. Those two US issuers control $256 billion in stablecoin market value, according to DeFiLlama. Europe wants in, and traditional banks see an opening under MiCA regulations that went live in December 2024.
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Qivalis still needs approval from the Dutch central bank as an electronic money institution. If that comes through, the group expects to launch commercially in the second half of 2025, according to the BBVA announcement.
Alicia Pertusa, who
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