BBVA has joined a European banking consortium that plans to launch a euro-pegged stablecoin under the EU’s crypto-asset rulebook, a move that signals how quickly stablecoins are shifting from “crypto rails” into traditional banking infrastructure. The joint venture, called Qivalis, is aiming for a commercial launch in the second half of 2026, once technical and regulatory work is completed.
Qivalis is described as a bank-backed initiative designed to make euro payments faster and cheaper — and to support the settlement of digital assets inside a regulated environment “backed by all the safeguards that a European bank can offer.”
Who’s involved — and where it sits legally
According to BBVA, the consortium behind Qivalis includes Banca Sella, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, UniCredit, and now BBVA.
The joint venture is headquartered in Amsterdam and is designed to operate under the solvency, governance, and customer protection standards tied to Europe’s crypto-asset regulatory framework (MiCA). BBVA says the company is awaiting authorization as an electronic money institution from the Dutch central bank.
The “so what” for payments and tokenized assets
If Qivalis lands as described, the pitch is straightforward: a shared euro stablecoin that banks can integrate directly into their services, enabling secure exchange between digital assets and euro payments. BBVA gives a simple example — a self-employed professional paying cross-border suppliers faster and at lower cost using a euro-linked solution integrated into their bank.
This is also about plumbing for the next wave of finance. Qivalis’ stated objective includes settlement of tokenized financial assets using blockchain technology, framing the stablecoin less as a retail crypto product and more as a settlement tool for banks and their clients.
What BBVA and Qivalis executives are saying
BBVA positions its role as bringing experience from years of work on digital-asset use cases.
“Collaboration between banks is key to create common standards… BBVA brings to Qivalis extensive experience,”
said Alicia Pertusa, Head of Partnerships & Innovation at BBVA CIB.
Jan-Oliver Sell, CEO of Qivalis, said BBVA’s entry strengthens the network of European banks “committed to building a secure, MiCAR-compliant euro stablecoin framework,” aimed at “institutional-grade on-chain infrastructure.”
Why it matters
There are a few signals here that go beyond one bank joining one project:
- Stablecoins are becoming bank infrastructure. This is explicitly framed as something European banks can offer their clients, with a launch timeline and a regulatory path.
- MiCA is pulling projects onshore. Qivalis is being built to sit inside Europe’s compliance perimeter, including e-money authorization.
- Tokenization needs settlement rails. The project links a euro stablecoin to settlement of tokenized financial assets — a key “missing piece” for many institutional tokenization efforts.
What to watch next
- Authorization progress for Qivalis as an electronic money institution with the Dutch central bank.
- Technical and regulatory milestones that BBVA says must be completed before launch.
- H2 2026 launch window — and whether Qivalis narrows timing as development advances.