BBVA joins European banking alliance to launch MiCA-compliant euro stablecoin

The movement toward a sovereign European digital payment infrastructure has gained a powerful new ally as one of Spain’s banking giants enters the fray.

BBVA has announced its membership in Qivalis, an Amsterdam-based joint venture established to issue a regulated, euro-denominated stablecoin. By joining the consortium, BBVA becomes the 12th major institution to back the project, which seeks to operate under the European Union’s Markets in Crypto-Assets Regulation (MiCA). The initiative is designed to provide a secure, bank-led alternative to existing stablecoins, focusing on high-speed wholesale payments and the settlement of tokenized financial assets.

European banks are looking to the future with stablecoin initiatives (anchor context: institutional adoption of digital euros is accelerating), yet euro-backed tokens currently account for less than $1 billion of the $300 billion global stablecoin market. Qivalis aims to bridge this gap by leveraging the combined liquidity and trust of its member banks, which include BNP Paribas, ING, UniCredit, and CaixaBank.

The consortium is currently seeking an Electronic Money Institution (EMI) license from the Dutch Central Bank. Unlike the European Central Bank’s proposed digital euro, which may not initially be compatible with private blockchain rails, the Qivalis stablecoin is being built specifically for on-chain integration. This makes it a direct competitor to private issuers like Circle (EURC) and Societe Generale (EURCV).

Recent developments show that the coalition is rapidly expanding its technical and regulatory workforce in Amsterdam. The project plans to hire up to 50 specialists to ensure that the infrastructure meets the rigorous solvency and consumer protection standards mandated by MiCA.