- Spanish BBVA has joined the EU banking consortium Qivalis, which will launch a euro stablecoin. There are now twelve banks in the project, including ING, BNP Paribas, UniCredit, DZ Bank and CaixaBank.
- This is a clear signal for the European financial sector: banks no longer want to have to deal exclusively with US stablecoins in the global stablecoin competition, but rather want to create a viable digital stablecoin infrastructure themselves.
The “Euro Coin” is supposed to be MiCA-regulated by the Dutch central bank licensed, making them one of the first fully regulated stablecoins in Europe.
The stablecoin market is currently clearly dominated by US providers. Tether (USDT) and Circle (USDC) control the majority of global sales, while Euro stablecoins have so far been barely relevant.
For banks and companies in the DACH region, this means a dependence on US infrastructure, which is neither regulatory nor geopolitically desirable.
The Qivalis consortium will change that and establish a Euro stablecoin that can be used for payment transactions as well as for all matters related to tokenized securities.
Consequences of a Euro coin
With the Spanish BBVA, the consortium gains additional technical experience, particularly in the area of blockchain-based financial products.
A Euro coin will bring significant advantages for the economy: faster cross-border payments, lower transaction costs and, for the first time, true 24/7 processing.
This is particularly relevant for export-oriented medium-sized companies, FinTechs and institutional investors. At the same time, the EU stablecoin could serve as a settlement asset for tokenized bonds, fund shares and other money market products – an area that is growing rapidly in Germany, Austria and Switzerland and requires standardized on-chain payment methods.
Pilot projects begin in 2026
If licensing takes place as planned, market observers expect the first pilot projects to take place this year. The initial focus is likely to be on B2B payments and treasury applications.
In the long term, the EU stablecoin is expected to displace US competition in Europe. The decisive factor will be whether the EU banking consortium can deliver at least the same level of interoperability and user-friendliness – areas in which US providers have so far been clearly ahead.
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