BBVA Joins 12-Bank Qivalis Consortium to Launch MiCAR‑Compliant Euro Stablecoin in H2 2026
Spain’s BBVA has joined a 12-bank European consortium that formed Qivalis, an Amsterdam-based joint venture created to issue a MiCAR-compliant euro-pegged stablecoin. The consortium — including ING, UniCredit, BNP Paribas, CaixaBank, KBC, Danske Bank, SEB, Raiffeisen, DZ BANK, Banca Sella and DekaBank — launched in September 2025. Qivalis is seeking electronic money institution authorization from the Dutch Central Bank and targets a commercial launch in H2 2026 if approved. The project emphasizes strong solvency, governance and customer-protection standards, aiming to enable near-instant, 24/7 euro payments, faster cross-border settlement and bank-integrated programmable payment use cases (for example, automated trade finance and supplier payments). The initiative is positioned as a regulated European alternative to USD-dominated stablecoins; the article notes that US dollar stablecoins still dominate market caps (e.g., USDC > $70bn) while the largest euro stablecoin (EURC) remains relatively small (~$432m). BBVA brings prior digital-asset experience, including tokenization work and existing custody services, underscoring rising institutional interest in regulated fiat-linked tokens. Traders should watch regulatory approval timing, onboarding plans, and potential on-chain liquidity and custodial arrangements, as these will determine how quickly a euro stablecoin from Qivalis could affect euro-pegged liquidity and euro-denominated trading pairs.
Neutral
The launch of a MiCAR-compliant euro stablecoin by a 12-bank consortium is structurally significant but unlikely to cause immediate large price moves for existing euro stablecoins. Positive factors: strong institutional backing, regulatory compliance and potential to expand euro-pegged on-chain liquidity could increase demand for euro stablecoins over time. These are bullish fundamentals for adoption but materialize slowly — dependent on Dutch regulator approval, clearing/custody arrangements, exchange listings and market-making. Short-term price impact on existing euro stablecoins (e.g., EURC) is likely muted or neutral because market-dominant USD stablecoins (USDC, USDT) remain far larger and entrenched; any migration will be gradual. If approval and rapid integration with bank rails and exchanges occur, medium-to-long-term effects could be bullish for euro-denominated liquidity and trading pairs. Conversely, regulatory delays, limited exchange support, or weak on-chain liquidity provisioning would dampen impact. Overall, expect a neutral near-term price effect with potential long-term bullish structural implications contingent on execution.