BBVA's Latest Crypto Step Signals a Major Shift in Europe's Finance

BBVA’s Latest Crypto Step Signals a Major Shift in Europe’s Finance

In Brief

• Spain's second largest bank BBVA just joined a coordinated push into regulated stablecoins.
• The initiative targets euro-based payments under MiCA, not speculative crypto.
• Europe is positioning itself for a structural shift away from dollar reliance.

Spain’s second-largest bank, BBVA, has officially joined a banking-led initiative aimed at launching a regulated euro-pegged stablecoin. Marking a significant milestone in Europe’s effort to compete with U.S. dollar-dominated digital assets.

The official move expands the Amsterdam-based Qivalis consortium to 12 major European banks seeking to build shared blockchain payment infrastructure under the EU’s MiCA framework.

Moreover, the consortium is currently working toward authorisation as an Electronic Money Institution with the Dutch central bank.

Therefore, the group expects to launch the token in the second half of 2026. Pending regulatory approval and technical readiness.

BBVA’s Involvement in Euro-Denominated Crypto Assets

BBVA’s decision to join Qivalis underscores a strategic pivot by traditional financial institutions toward interoperable digital asset infrastructure.

Furthermore, the bank is leveraging the network effect of a broader consortium to build an infrastructure that could be widely accepted across European banking channels.

Additionally, the bank confirmed its participation in the project and highlighted the collaborative nature of the effort:

“Collaboration between banks is key to create common standards that support the evolution of the future banking model and deliver financial innovation to our clients in a consistent and practical way.”

This sentiment reflects a wider trend among European banks toward standards-based development of digital currency infrastructure.

Spain's second-largest bank BBVA (with $800 billion in assets) joins the Qivalis group, which now includes 12 major EU banks (including BNP Paribas, ING, and UniCredit), aiming to launch a regulated euro stablecoin to challenge dollar stablecoin dominance. Qivalis is applying to…

— Wu Blockchain (@WuBlockchain) February 4, 2026

Europe Challenges Dollar Dominance in Stablecoins

The BBVA-backed initiative arrives at a moment when stablecoins tied to the U.S. dollar dominate a market valued in the hundreds of billions.

In contrast, euro-denominated stablecoins represent a tiny fraction of total market cap, despite the euro’s role as a major global currency.

Therefore, by building a regulated, bank-issued euro token, Qivalis aims to provide an EU-centric alternative for cross-border payments and tokenized assets.

The initiative underscores Europe’s broader efforts to bolster financial sovereignty. Which reduces dependence on non-EU issuers, and drive institutional adoption of digital assets.

BBVA’s entry into the consortium signals that large banks are now willing to co-sponsor major stablecoin infrastructure.