Spanish lender BBVA joins EU banks' stablecoin venture to challenge digital dollars

The $800 billion-asset bank is the 12th to join Amsterdam-based Qivalis, which aims to introduce a euro-pegged token this year. What to know : Spain's second-largest bank by assets, BBVA, joined Qivalis, a group of a dozen major EU lenders, to develop a regulated euro stablecoin that's planned to rival dollar-based tokens. Tokens tied to the U.S. dollar dominate the $300 billion stablecoin market, with euro-denominated tokens having less than $1 billion market capitalization. Qivalis is seeking authorization from the Dutch central bank under the EU’s MiCA framework and plans to debut its token in the second half of 2026.