BBVA bank announced its partnership with the Qivalis consortium to develop a euro-pegged stablecoin, aiming to create a regulated alternative to dollar-denominated digital tokens. The banks submitted an Electronic Money Institution (EMI) license application to De Nederlandsche Bank in late 2025 and are targeting a launch in the second half of 2026.
Qivalis is a consortium that brings together banks such as BNP Paribas, ING Group, UniCredit, and BBVA with the goal of fostering European financial sovereignty by creating tools and instruments that support and strengthen the Euro, explicitly positioned to compete with dollar-denominated stablecoins.
The EMI license application was submitted to the Dutch regulator in December 2025, projecting a launch for the second half of 2026. The banks indicated that the licensing process would take approximately six to nine months, and if successful, the timeline will test whether a bank-backed and regulated euro token can gain traction against the established network effects of dollar-denominated stablecoins.
Design, implementation, and market challenges
According to the consortium, the stablecoin will be fully backed by euro reserves and built to support near-instantaneous, low-cost, 24/7 cross-border payments and settlements. The cited design priorities include programmable payments for automated workflows, faster settlement of tokenized securities, and an on-ramp for European Web3 applications.
Dollar-pegged tokens like USDT and USDC currently benefit from deep liquidity and broad platform integration, also benefiting from the limited competition they currently face. Qivalis’s ability to attract users will depend on the transparency of its reserves, interoperable technical integration across EU systems, and value-added services from banks, such as custody, wallets, and settlement brokers.
The consortium frames MiCA and the EMI regime as central to its credibility. According to the regulatory approach outlined by the banks, the token will be fully backed by liquid euro reserves and governed by safeguards against money laundering and for financial stability.
The implications for the markets are practical. If Qivalis is licensed and launches as planned in the second half of 2026, banks and businesses could have a regulated euro settlement instrument that shortens settlement times and integrates with tokenized asset workflows. Conversely, a lack of widespread technical adoption or transparent reserve reporting would limit adoption and leave incumbent dollars dominating.
