BBVA Joins EU Banks to Launch Euro Stablecoin in 2026

BBVA has joined a consortium of 11 major European financial institutions to establish Qivalis, a joint venture designed to issue a regulated euro-pegged stablecoin. The initiative marks a significant shift within the European banking sector, bringing digital assets into a structured, bank-led framework compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA).

The consortium includes Banca Sella, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Headquartered in Amsterdam, Qivalis is currently seeking an Electronic Money Institution (EMI) license from the Dutch central bank. The stablecoin’s commercial launch is targeted for 2H26.

Infrastructure for Tokenized Assets

Qivalis aims to provide institutional-grade, on-chain infrastructure to enable faster and more cost-efficient payments, as well as the settlement of tokenized financial assets. By leveraging blockchain technology, the platform seeks to facilitate simultaneous and secure exchanges between digital assets and euro-denominated payments.

Alicia Pertusa, head of partnerships and innovation, BBVA Corporate & Investment Banking (CIB), said collaboration among banks is essential to establishing common standards that foster financial innovation. The initiative builds on BBVA’s previous digital asset milestones, including its partnership with SWIFT to develop a global blockchain registry and its participation in Project Agorá with the Bank for International Settlements (BIS), which focuses on optimizing wholesale cross-border payments.

The Global Stablecoin Landscape

The announcement comes as stablecoins consolidate their position as a structural pillar of the digital asset ecosystem. By late 2025, global stablecoin market capitalization had reached approximately US$306 billion, with transaction volumes approaching those of major legacy payment processors such as Visa. Unlike highly volatile cryptocurrencies, stablecoins are designed to maintain price stability and can reduce friction in cross-border payments by lowering fees and bypassing certain traditional settlement constraints.

Jan-Oliver Sell, chief executive, Qivalis, said BBVA’s participation strengthens the consortium’s ability to deliver a MiCA-compliant solution for companies and consumers. The normalization of regulated digital infrastructure, he noted, is becoming increasingly important as global trading partners integrate blockchain-based systems into standard financial operations.

Looking ahead, 2026 is expected to see accelerated growth in real-world asset (RWA) tokenization, enabling traditional financial instruments—such as commercial invoices and government bonds—to be issued and traded on blockchain networks. Interoperability standards developed by companies such as Mastercard and Visa are helping bridge conventional financial systems with tokenized platforms.

For emerging markets such as Mexico, RWA tokenization could expand financing options for small and medium-sized enterprises (SMEs) by enabling invoice tokenization and broader investor access, potentially easing local credit constraints.

Despite the increasing sophistication of crypto-related crime, illicit activity remains estimated at below 1% of total on-chain transaction volume, according to industry analyses. Qivalis seeks to address security and compliance concerns by operating within a regulated banking framework subject to European supervisory standards, including capital, governance, and transparency requirements under MiCA.