BBVA Joins 25 New Banks in 37-Member Euro Stablecoin Consortium
BBVA is among 37 financial institutions in the Qivalis consortium planning to launch a euro-pegged stablecoin later this year. The consortium added 25 banks, including ABN Amro, Rabobank and Sabadell, aiming to counter US digital payment dominance and expand on-chain trading of assets.
1. BBVA Joins Qivalis Consortium
BBVA has become one of 37 founding members of Amsterdam-based Qivalis, which is set to issue a euro-pegged stablecoin later this year. The initiative brings together major European banks to build on-chain financial infrastructure under European governance.
2. Consortium Expands with 25 Banks
This week’s expansion added 25 institutions—including ABN Amro, Rabobank, Sabadell, Bankinter, Bank of Ireland, Handelsbanken and Nordea—raising the total membership across 15 countries. The growth underscores broad bank interest in blockchain-based tokenization.
3. Strategic Objectives
Qivalis aims to reinforce the euro’s role in digital payments and pave the way for trading tokenized assets such as bonds and real estate on blockchain. The project seeks to reduce reliance on US stablecoin providers and align with European regulatory frameworks.
4. Market Context and Competition
Global stablecoin circulation is led by US issuers Tether and Circle with $190 billion and $77 billion respectively, while euro-pegged offerings remain marginal. Societe Generale’s SG-FORGE token has just €105.6 million in circulation, highlighting adoption challenges.