Spanish banking giant BBVA joins EU bank stablecoin project, challenging the dominance of the US dollar

ChainCatcher News, Spain’s second-largest bank BBVA announces its participation in Qivalis, becoming the 12th member bank of this Amsterdam-based stablecoin project.

Qivalis aims to launch a regulated euro-pegged stablecoin, providing digital euro payment and settlement options for the EU market, while challenging the dominance of the US dollar stablecoin. Current members include major EU banks such as BNP Paribas, ING, and UniCredit. The goal is to issue stablecoins through the banking network, offering businesses and consumers a payment channel that does not rely on third parties outside of blockchain or traditional financial systems. Currently, the global stablecoin market is approximately $300 billion, with only $860 million linked to a single euro. The US dollar stablecoins still dominate: Tether’s USDT market cap is about $185 billion, and Circle Internet’s USDC market cap is about $70 billion.