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

BBVA, Spain’s second-largest bank by assets, said it joined Qivalis, a group of lenders aiming to introduce a regulated euro stablecoin and challenge the dominance of digital dollars.

Adding BBVA, which has $800 billion of assets, the group now includes a dozen major European Union banks, including BNP Paribas, ING and UniCredit.

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The project’s goal is to create a token backed by a network of established banks, offering an alternative to crypto-native stablecoins, many of which are tied to the dollar and operated by companies based outside of the bloc.

Of the $300 billion stablecoin market, only $860 million are tied to the single currency. Tether, based in El Salvador, dominates with its $185 billion USDT, followed by New York-based