BBVA becomes 12th bank to join Qivalis euro stablecoin venture targeting USD-pegged market

BBVA, Spain's second-largest bank, has joined Qivalis as its 12th member, a consortium of major European banks building a regulated euro-pegged stablecoin. The group, initially formed by nine banks in late 2025 and headquartered in Amsterdam, plans a commercial launch in the second half of 2026 after completing technical and regulatory work. The initiative aims to offer faster and cheaper euro-based payments and settlement of tokenized assets on blockchain, while challenging the dominance of USD-backed stablecoins in the roughly $300 billion stablecoin market.