Key Takeaways
- Sabadell and Bankinter are reportedly preparing to join Qivalis, a European bank-led consortium developing a euro-pegged stablecoin.
- Other Spanish financial institutions, including Abanca, Kutxabank and Cecabank, are also expected to participate.
- Qivalis plans to launch a MiCA-compliant euro stablecoin in the second half of 2026, pending Dutch regulatory approval.
- The project reflects Europe’s effort to build bank-backed digital money infrastructure as dollar stablecoins dominate global crypto payments.
Spanish lenders Sabadell and Bankinter are preparing to join a European banking consortium developing a euro-pegged stablecoin, adding new weight to the region’s effort to build a regulated digital money infrastructure around the single currency.
The banks are expected to join Qivalis, an Amsterdam-based venture formed by major European financial institutions to launch a euro stablecoin in the second half of 2026.
Non-listed Spanish entities, including Abanca, Kutxabank and Cecabank, are also expected to participate, with an official announcement likely in the coming weeks.
The move would expand Spanish participation in one of Europe’s most prominent bank-led stablecoin projects at a time when tokenized payments, on-chain settlement and digital asset infrastructure are moving deeper into traditional finance.
Spanish Banks Move Into Qivalis
Qivalis already includes several large European banks, including ING, UniCredit, BNP Paribas, CaixaBank and BBVA.
The addition of Sabadell and Bankinter would broaden the consortium’s base beyond the largest universal banks and strengthen its presence in Spain’s financial sector.
The project aims to issue a euro-denominated stablecoin under the European Union’s Markets in Crypto-Assets regulation (MiCA).
CaixaBank has said Qivalis is seeking authorization and supervision from the Dutch Central Bank as an Electronic Money Institution.
That regulatory route is central to the project’s pitch.
European banks want a stablecoin that users can use for payments, settlement, and treasury operations while remaining inside the EU’s financial rulebook.
Europe Builds a Euro Stablecoin Answer
The timing is important for European financial institutions.
Dollar-backed stablecoins remain the dominant instruments in the global stablecoin market, with US-linked issuers shaping liquidity across crypto trading, payments and settlement.
For Europe, that creates a strategic gap.
If tokenized finance continues to grow around dollar-denominated instruments, euro liquidity risks will become secondary in new digital payment networks.
Qivalis gives banks a shared route into the market.
The consortium model also helps avoid a fragmented landscape in which individual lenders launch small, incompatible tokens with limited liquidity.
BBVA’s involvement shows that logic clearly.
The Spanish bank previously worked on its own stablecoin initiative, but later joined Qivalis as the consortium expanded.
Spanish outlet Cinco Días reported in February that BBVA left its separate stablecoin project to participate in the common European effort.
MiCA Gives Banks a Legal Path
The EU’s MiCA regulation has provided banks with a clearer framework for stablecoin issuance.
Under Qivalis’ planned model, the token would be issued through a regulated entity, supervised in the Netherlands and designed to comply with MiCA’s requirements.
That setup may make the token more attractive to institutions that need reserve controls, redemption rules and regulatory oversight before using stablecoins in payments or settlement.
The project is also moving through technical decisions.
Qivalis plans to use its platform to support the euro stablecoin, with expected use cases including institutional settlement, treasury management and tokenized assets.
The consortium plans to launch the token in the second half of 2026, pending authorization from the Dutch Central Bank.
The Qivalis expansion comes as European officials look at broader payment rails.
Bank of Italy Deputy Governor Chiara Scotti said this week that the EU should consider a tokenized version of SEPA, the region’s bank-transfer system, as digital money and tokenized deposits reshape payments.
Stablecoin Adoption
Stablecoins have become one of the clearest bridges between crypto markets and traditional finance.
Payment companies, banks and fintech firms are exploring them for cross-border settlement, merchant payments, treasury flows and tokenized securities.
European banks are now trying to shape that infrastructure before dollar tokens become even more embedded in global payment flows.
The challenge will be adoption. A regulated euro stablecoin needs more than bank sponsorship.
It needs exchange access, wallet support, merchant use cases, corporate treasury demand and enough liquidity to compete with existing dollar tokens.
Qivalis still has to secure regulatory approval and execute a launch.
But the expected arrival of Sabadell, Bankinter and other Spanish institutions shows that Europe’s bank-backed stablecoin strategy is gathering momentum before its planned 2026 debut.
For European finance, the question is becoming practical: whether banks can turn the euro into a credible settlement asset for the next phase of tokenized markets.
PhD, researcher and writer exploring AI, blockchain, and the philosophy of tech, with a focus on DeScAI, governance, and trust.
