Spanish Banks Challenge US Dominance with Euro Stablecoin Push

by

Spanish Banks Expand Qivalis Stablecoin Push to Challenge US Dominance

Show AI Summary
Qivalis consortium is set to announce new members in the coming weeks after formalizing participation.
The alliance was formally incorporated on December 2, 2025, by CaixaBank and nine other major European banks.
A broader rollout of the euro-denominated stablecoin is planned for the second half of 2026.

As an analyst, I’m seeing a clear acceleration in Europe’s banking sector towards digital assets. More and more banks are getting involved with the Qivalis consortium – a major banking group aiming to launch a stablecoin pegged to the euro. Right now, Spanish banks like Banco Sabadell and Bankinter are seriously considering joining the Amsterdam-based initiative, and they’d be joining other institutions already on board, including Kutxabank, Abanca, and Cecabank.

Expansion reports that the group behind the stablecoin is likely to reveal new members soon, as they put the finishing touches on who will be involved. They plan to fully launch the stablecoin in the latter half of 2026.

Strength across Europe

Qivalis was officially launched on December 2, 2025, created by CaixaBank and nine other leading European banks: Banca Sella, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Since its creation, the group has grown to include additional major banks like BNP Paribas, BBVA, and ING.

Bankinter sources say other banks are also considering joining the stablecoin initiative, showing increasing support for stablecoins across the banking industry. BBVA originally intended to create its own stablecoin, but decided working with the group would be more effective.

Someone involved in the project said talks are still happening, and we should hear more details in early summer once the banks have confirmed their involvement.

Jan-Oliver Sell, who previously led Coinbase Germany, is the CEO of the consortium. Sir Howard Davies, formerly Chairman of NatWest Group and the UK Financial Services Authority, chairs its Supervisory Board.

European payment independence

The main goal of the Qivalis project is to give Europe more independence in digital payments. Right now, the stablecoin market is dominated by currencies linked to the U.S. dollar – like USDT and USDC – which make up about 99% of all activity in this area.

Financial institutions are working to create a stablecoin built in Europe to remain competitive in the fast-changing world of finance. This project uses blockchain technology to make financial processes more efficient. Instead of each institution maintaining its own separate records, a shared blockchain system would allow everyone to access synchronized, up-to-date information instantly.

By cutting out the middleman, this streamlined system makes international transactions quicker and cheaper, while also improving overall efficiency. The increasing interest from large banks in stablecoins shows a significant change in traditional finance—they’re moving from simply watching blockchain technology to actively investing in and developing it.

With clearer rules and more ways to use them, stablecoins are becoming a vital link between traditional finance and the world of digital assets.

As Qivalis grows in popularity, Europe seems more and more focused on establishing its own position in the world of digital payments.

Read More

2026-05-05 13:57