BBVA has become part of Qivalis, a group of European banks working together to establish an MiCAR-compliant euro stablecoin issuer seeking authorization from the Dutch Central Bank.
The consortium based in the Netherlands made this announcement on February 4, 2026. Now, Qivalis includes 12 European banking institutions: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
The group aims to obtain authorization as an Electronic Money Institution (EMI) from De Nederlandsche Bank (DNB). Qivalis plans a commercial launch in the second half of 2026, pending regulatory approval.
MiCAR framework dictates stablecoin issuance
Effective June 29, 2023, MiCAR set rules for stablecoin issuers, covering aspects such as reserve management, redemption rights, and operational resilience. E-money tokens under MiCAR must be backed one-to-one by fiat currency reserves held in segregated accounts.
Operating through a consortium model, Qivalis allows participating banks to contribute to governance, technical infrastructure, and regulatory compliance processes. The entity is headquartered in Amsterdam and focuses on developing blockchain-based payment infrastructure for institutional use cases.
Besides CaixaBank’s earlier participation, BBVA now stands as the second Spanish institution involved in the consortium.
Competing initiatives from banks vs. private issuers
The euro stablecoin market currently features privately issued tokens like Circle’s EURC and Société Générale’s EUR CoinVertible, operating within existing regulatory frameworks. Bank consortia like Qivalis present themselves as regulated alternatives that offer institutional trust and integration with banking infrastructure.
The European Central Bank (ECB) is separately developing a digital euro central bank digital currency (CBDC), aiming to provide a public sector alternative to private stablecoins. The ECB began preparing for the digital euro in November 2023, advancing further in October 2025.
Focused on interbank settlement, corporate treasury operations, and integration with existing payment systems, Qivalis’ infrastructure supports on-chain transactions while maintaining compatibility with traditional banking rails.
Bank involvement in stablecoin projects highlights their interest in blockchain-based payment systems as alternatives to correspondent banking networks for specific transaction types. Cross-border settlement use cases are a primary focus area where blockchain infrastructure can reduce settlement times and operational complexity.
The consortium remains open to additional banking members, with Qivalis continuing its regulatory dialogue with DNB and ongoing preparations towards the 2026 launch date.
