Spain’s BBVA joins euro stablecoin banking alliance

JH Kim

Summary

Spain’s second-largest bank BBVA has joined Qivalis, a European banking alliance working to issue a euro-denominated stablecoin.
Qivalis is preparing to issue a euro stablecoin in the second half of this year, highlighting regulatory compliance and payment stability.
Within Europe’s banking sector, debate continues over whether a euro-denominated stablecoin could reduce reliance on the digital dollar.

BBVA, Spain’s second-largest bank, has joined a European banking alliance seeking to issue a euro-denominated stablecoin.

According to CoinDesk, a cryptocurrency-focused media outlet, BBVA has joined Qivalis, a consortium of 12 major European Union (EU) banks. Qivalis plans to jointly launch a euro stable token to counter the spread of dollar-pegged stablecoins.

Qivalis is preparing to issue a euro stablecoin in the second half of this year, underscoring regulatory compliance and payment stability through a structure in which banks participate directly. The stablecoin is being designed with a range of financial-service uses in mind, including payments, settlement and intercompany transactions.

BBVA has already been one of the banks taking an active approach in digital assets and blockchain. It provides crypto trading services in certain markets including Spain and Switzerland, and has continued experiments with tokenized assets and blockchain-based financial infrastructure.

With BBVA’s participation, Qivalis has expanded its reach to include major banks in Southern Europe. Within Europe’s banking sector, discussions are continuing over whether a euro-denominated stablecoin could serve as a way to reduce reliance on the digital dollar.