BULLISH 📈 : BBVA joins European banks to create euro stablecoin alternative

BBVA, Spain's second-largest bank, has joined the Qivalis consortium, increasing its members to twelve major European banks. This group aims to offer a euro-based stablecoin as an alternative to dominant US stablecoins like Tether and Circle.

Qivalis seeks approval from the Dutch central bank to operate as an electronic money institution.
The commercial launch is anticipated in the second half of 2025.
BBVA's extensive experience with digital assets includes early blockchain corporate loans and crypto services, such as Bitcoin and Ethereum trading for selected clients.

The stablecoin will facilitate cross-border payments and settlements in Euros, aiming for faster international transactions through existing banking apps.

European banks' ability to compete with established players remains uncertain.
Delays in developing a Digital Euro could affect Europe's monetary independence.