BBVA has joined Qivalis, a consortium of European banks developing a Markets in Crypto-Assets Regulation (MiCAR)-compliant euro stablecoin issuer seeking authorisation from the Dutch Central Bank.
The Netherlands-based consortium announced BBVA's participation on 4 February 2026. Qivalis now comprises 12 European banking institutions: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
The consortium is pursuing authorisation to operate as an Electronic Money Institution (EMI) from De Nederlandsche Bank (DNB). Qivalis targets a commercial launch in the second half of 2026, subject to regulatory approval.
MiCAR framework shapes stablecoin issuance
MiCAR entered into force across the EU on 29 June 2023, establishing requirements for stablecoin issuers, including reserve management, redemption rights, and operational resilience. E-money tokens under MiCAR must maintain one-to-one backing with fiat currency reserves held in segregated accounts.
Qivalis operates under the consortium model, with participating banks contributing to governance, technical infrastructure, and regulatory compliance processes. The entity is based in Amsterdam and is developing blockchain-based payment infrastructure for institutional use cases.
BBVA becomes the second Spanish institution in the consortium following CaixaBank's earlier participation.
Bank-led initiatives compete with private issuers
The euro stablecoin market currently includes privately issued tokens such as Circle's EURC and Société Générale's EUR CoinVertible, both operating under existing regulatory frameworks. Bank consortia, including Qivalis, position themselves as regulated alternatives offering institutional trust and banking infrastructure integration.
The European Central Bank (ECB) is separately developing a digital euro central bank digital currency (CBDC), which would function as a public sector alternative to private stablecoins. The ECB entered the preparation phase for the digital euro in November 2023 and advanced to the next phase of the project in October 2025.
The Qivalis consortium focuses on interbank settlement, corporate treasury operations, and integration with existing payment systems. The infrastructure aims to support on-chain transactions while maintaining compatibility with traditional banking rails.
Bank participation in stablecoin initiatives reflects institutional interest in blockchain-based payment systems as alternatives to correspondent banking networks for certain transaction types. Cross-border settlement use cases represent a primary focus area, where blockchain infrastructure can reduce settlement times and operational complexity.
The consortium remains open to additional banking members. Qivalis continues regulatory engagement with DNB and operational preparations ahead of the targeted 2026 launch.
