Spanish banking giant BBVA joins EU bank stablecoin project, challenging dollar dominance

SmartContractAuditor · 2026-02-04T20:18:53+00:00

Spain's second-largest bank, BBVA, has joined Qivalis, becoming the 12th member. The project plans to launch a euro-pegged regulatory stablecoin, providing a digital payment channel to challenge the dominance of the US dollar stablecoin. The current global stablecoin market is approximately $300 billion, with only $86 million linked to the euro.

SmartContractAuditor

2026-02-04 20:18:53

Abstract generation in progress

Odaily Planet Daily reports that Spain’s second-largest bank, BBVA, has announced its participation in Qivalis, becoming the 12th member bank of this Amsterdam-based stablecoin project. Qivalis aims to launch a regulated euro-pegged stablecoin to provide digital euro payment and settlement options for the EU market, while challenging the dominance of dollar stablecoins. Current members include major EU banks such as BNP Paribas, ING, and UniCredit. The goal is to issue stablecoins through the banking network to offer businesses and consumers a payment channel that does not rely on third parties outside of blockchain or traditional financial systems.

Currently, the global stablecoin market is approximately $300 billion, with only $860 million linked to a single euro. The US dollar stablecoins still dominate: Tether’s USDT market cap is about $185 billion, and Circle Internet’s USDC market cap is about $70 billion. (CoinDesk)

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.