Overview
- BBVA becomes the 12th member of the Amsterdam-based Qivalis consortium, which is building a euro-pegged stablecoin backed by major European banks.
- Qivalis is applying to the Dutch central bank for authorization as an electronic money institution, a requirement for issuance under the EU’s MiCA framework.
- The initiative aims to enable on-chain payments and settlement in euros as a bank-backed alternative to dollar-linked tokens such as USDT and USDC.
- Euro-denominated stablecoins remain a small slice of the market compared with dollar tokens, with reports citing roughly €860 million out of about $300 billion in total value.
- Commercial launch timing remains unsettled across reports, with projections ranging from the second half of 2025 to late 2026 and dependent on regulatory clearance.