- Sabadell and Bankinter plan to join Qivalis, a European banking consortium preparing a euro‑pegged stablecoin.
- The Qivalis alliance already includes major banks such as CaixaBank, BBVA, ING, UniCredit and BNP Paribas.
- The project aims to boost European autonomy in digital payments and compete with the dominance of US‑backed stablecoins.
- The Qivalis stablecoin is expected to enable near‑instant, 24/7 cross‑border payments and support tokenized financial markets.
European banks are quietly accelerating their move into regulated stablecoins, and Spain is taking a prominent role in that shift. Several well‑known lenders, including Sabadell and Bankinter, are preparing to join Qivalis, a pan‑European consortium that plans to issue a euro‑denominated stablecoin in the coming years.
Amid growing concern about Europe’s dependence on US‑centric payment infrastructures, the Qivalis initiative is emerging as one of the clearest attempts by EU banks to build their own rails for digital money. The new stablecoin is intended to work as a fully regulated instrument under MiCA rules, with a strong focus on cross‑border efficiency, security and round‑the‑clock availability.
Qivalis: a European stablecoin project gains momentum
What began as a relatively small banking alliance has quickly grown into a multi‑national consortium of leading European lenders. Qivalis, headquartered in Amsterdam, was formally launched on 2 December by CaixaBank and nine other major banks across the continent. Since then, the roster has steadily expanded.
BNP Paribas, BBVA, ING, UniCredit and other large institutions have already signed on, giving the project a clearly pan‑European profile. BBVA even adjusted its own original roadmap: after announcing plans to release a proprietary stablecoin in 2026, the bank shifted strategy earlier this year to join Qivalis instead, opting to pool efforts rather than go it alone.
According to financial sources, Qivalis aims to issue a euro‑pegged stablecoin in the second half of the year, with the design and regulatory framework aligned with the EU’s Markets in Crypto‑Assets (MiCA) regulation. The coin is expected to be fully backed by traditional assets, such as cash and high‑quality liquid instruments denominated in euros, and to comply with strict oversight requirements.
The project has been pitched internally as a tool to enable 24/7, near‑instant settlement for cross‑border payments, as well as a foundation for the settlement of digital securities and other tokenized assets. In practice, that means banks using the Qivalis stablecoin could move value across borders in seconds, outside of conventional batch‑based systems, while still operating within the regulated banking perimeter.
Sabadell and Bankinter move closer to the consortium
Spanish lender Sabadell is preparing to formally integrate into the Qivalis stablecoin venture as part of a wider group of European banks targeting a launch window in the second half of 2026. The bank’s outgoing CEO, César González‑Bueno, confirmed during a press conference that Sabadell plans to participate in the project.
Describing Qivalis as a strategic response to US dominance in digital payments, González‑Bueno underlined that the initiative is designed to make transactions both more efficient and more secure. In his words, it is a European project that “makes sense” for the bank, aligning with Sabadell’s priorities in innovation and payments modernization.
Bankinter, another key Spanish player and the country’s fifth‑largest bank by market capitalization, is also edging towards the alliance. A Bankinter spokesperson has indicated that the institution is in active talks with Qivalis, with more detailed updates expected around early summer. While not yet a formal member, the direction of travel is clear: the bank does not want to stay on the sidelines of this new infrastructure.
Market sources add that non‑listed Spanish banks such as Abanca, Kutxabank and Cecabank are likewise evaluating their participation and are widely expected to join. Industry reports suggest that an official announcement consolidating these new members could arrive in the coming weeks, as Qivalis closes the next wave of sign‑ups.
Who is already inside Qivalis?
The alliance brings together a diverse set of European institutions, from retail banks to large international groups. Although the complete, up‑to‑date list is evolving as negotiations progress, several names have been confirmed publicly or via sources close to the talks.
Among the most prominent participants are CaixaBank, BBVA, ING, UniCredit and BNP Paribas, which joined the founding members after the initial launch in December. These banks contribute not only scale but also extensive experience in digital banking and cross‑border operations, which are considered essential for a pan‑European stablecoin.
Sources also point to Abanca, Kutxabank and Cecabank as likely entrants, alongside Sabadell and Bankinter, adding additional Spanish representation to an already Iberia‑heavy group. In total, Qivalis is said to count roughly a dozen institutions so far, with several others signalling interest in joining sooner rather than later.
As the roster expands, the consortium is positioning itself as a collective alternative to purely private, non‑bank stablecoin issuers. Instead of competing in isolation, member banks are choosing to share infrastructure and standards to offer a unified, regulated product that can be used across borders and platforms.
Why a European stablecoin now?
Behind the Qivalis initiative lies a broader concern in European policymaking and banking circles: the need to reduce structural dependence on US‑centric payment networks and dollar‑based stablecoins. Today, the global stablecoin market is dominated by issuers tied to the United States, both in terms of underlying currencies and corporate jurisdiction.
According to data compiled by major crypto platforms, the stablecoin market capitalization has already surpassed $300 billion, with US‑backed coins clearly in the lead. These instruments are increasingly used in crypto trading, decentralized finance and, gradually, in cross‑border transfers and on‑chain settlements.
European banks and regulators worry that, without credible alternatives, critical payment flows and future tokenized markets could end up relying heavily on non‑European infrastructure. This would not only have economic implications but could also affect financial stability and strategic autonomy.
Within this context, Qivalis is seen as a way for European banks to take back some control over the next generation of payment rails. By issuing a euro‑denominated stablecoin under European rules and supervision, the consortium hopes to offer a product that can compete in speed and usability while remaining embedded in the region’s regulatory framework.
How the Qivalis stablecoin is expected to work
Qivalis is built on blockchain technology, the same type of distributed ledger that underpins many cryptocurrencies and tokenized assets. However, the project’s architects emphasize that their stablecoin will be fundamentally different from highly volatile cryptoassets such as Bitcoin or Ether.
The coin is intended to be fully backed by traditional assets denominated in euros, which should keep its value closely aligned with the underlying currency. That stability is crucial if the token is to be used for everyday payments, large‑value transfers or the settlement of financial instruments.
One of the key promises from the Qivalis leadership is that the stablecoin will enable almost instantaneous payments and settlements, 24 hours a day, seven days a week. Because transactions are recorded and validated on a shared ledger, there is no need to reconcile multiple, siloed databases across institutions, as is the case with many current payment systems.
By using a common blockchain infrastructure, participating banks can eliminate several intermediate steps in cross‑border transactions. Instead of passing messages and updates through multiple correspondents and clearing agents, transfers can be settled directly on a single, shared database. This has the potential to cut both the time and cost of moving money internationally.
Qivalis also envisions the stablecoin being used for the settlement of tokenized assets such as securities and other digital instruments. In a tokenized market, where financial claims are represented on blockchain, having a matching form of digital cash is essential to enable atomic, real‑time delivery‑versus‑payment.
Blockchain as a shared data layer for payments
One of the often‑overlooked aspects of the Qivalis proposal is its emphasis on data architecture and interoperability between banks. Today, each payment provider and financial institution maintains its own internal database, and connections between them involve complex, sometimes fragile messaging systems.
From Qivalis’ perspective, the current model leads to duplicated records, reconciliation delays and operational inefficiencies. Every additional party that touches a transaction increases the likelihood of errors, additional checks and higher costs for end users.
A blockchain‑based system flips that logic: multiple participants share a single, synchronized source of truth. Rather than constantly sending updates back and forth, institutions read and write to the same ledger, where the state of each transaction is visible (within the appropriate permission framework) in near real time.
For cross‑border payments, this means that money can, in principle, settle globally within seconds at a lower marginal cost than in many legacy systems. While the technology is not a cure‑all, and governance and compliance remain critical, banks see this as a chance to modernize their infrastructure without ceding control to unregulated actors.
Other European stablecoin initiatives
Qivalis is not the only attempt in Europe to build regulated, euro‑linked digital currencies. Several other projects are underway, each with its own structure and focus, reflecting the broader experimentation happening in the region.
French bank Société Générale, for example, launched its own stablecoin, EURCV, in 2023. That token is designed primarily for institutional use, particularly in the context of on‑chain capital markets and tokenized securities, and showcases how a single bank can issue its own digital currency on public or permissioned ledgers.
In parallel, Santander and a group of nine global banks, including Citi, Bank of America and Deutsche Bank, are exploring tokenized assets and blockchain‑based instruments linked to G7 currencies. Their work focuses on how traditional financial instruments can be represented and transacted on distributed ledgers while remaining within existing regulatory frameworks.
These initiatives illustrate that the race to define the future architecture of money and assets is very much underway. Qivalis fits into this broader landscape as a multi‑bank, euro‑centric option, aiming to balance innovation with regulatory comfort for both institutions and regulators.
The role of the European Central Bank and tokenized markets
The European Central Bank (ECB) has also started to sketch out its own vision for the next phase of payments. In March, the ECB presented a strategy to strengthen European autonomy in payments, with a special emphasis on tokenized markets and central bank money in digital form.
As part of this roadmap, the ECB envisions the development of a tokenized financial market where transactions can be settled almost instantly using tokenized central bank money. This would allow financial institutions to move from today’s batch‑based settlement cycles to more continuous, real‑time processes.
For projects like Qivalis, the ECB’s strategy is both a signal and a potential anchor. If commercial bank stablecoins and central bank digital money can interoperate smoothly, banks could benefit from a more integrated, robust monetary infrastructure. That would make it easier to connect private‑sector innovation with public‑sector safeguards.
At the same time, the ECB’s push reflects a broader policy objective: to ensure Europe is not left behind as the global financial system becomes increasingly tokenized. With the United States and other jurisdictions experimenting at pace, European institutions are under pressure to step up their efforts.
Pressure on traditional banks and the rise of stablecoins
For established lenders, the rapid growth of stablecoins and cryptoassets is both a challenge and a wake‑up call. Over the past few years, stablecoins have grown from a niche tool in crypto trading to a major segment of the digital asset ecosystem, used extensively on exchanges and in decentralized finance.
Some banks view these developments as a form of direct competition to their own payment and deposit services. If users can hold and transfer value cheaply and quickly via privately issued digital tokens, the role of traditional accounts and cross‑border transfer services could gradually be eroded.
This dynamic has pushed many institutions to experiment with ways of integrating blockchain technology into their existing business models. From internal pilots to public partnerships, banks are trying to figure out how to offer the benefits of digital assets without losing the regulatory and risk controls that underpin their operations.
Qivalis exemplifies this trend: rather than ignoring stablecoins or treating them purely as a competitor, member banks are attempting to build their own, compliant version, using their balance sheets, regulatory licenses and customer bases as key advantages.
What Qivalis could mean for customers and the market
If it succeeds, Qivalis could gradually change how individuals, companies and financial institutions move money across Europe and beyond. A euro‑denominated, bank‑issued stablecoin could be embedded into online banking apps, merchant payment flows, treasury management tools and capital markets platforms.
For retail users, this might eventually translate into faster international transfers and more seamless integration between traditional accounts and digital assets. For corporates and financial institutions, the main appeal would likely lie in liquidity management, intraday settlement and reduced friction in cross‑border operations.
The project also has implications for competition. As more banks join the consortium, Qivalis could become a de facto standard for euro‑based tokenized payments, influencing how fintechs, exchanges and payment processors integrate euro liquidity on‑chain.
Of course, much depends on execution: regulatory approvals, technical resilience, cybersecurity, governance and user experience will all play a role. But the level of interest shown by multiple large banks suggests that the market sees genuine potential in a shared, regulated infrastructure for euro stablecoins.
Looking across these developments, the entry of Sabadell and the likely incorporation of Bankinter and other Spanish banks into Qivalis highlight how European banking is aligning around a common strategy for digital money. With MiCA providing a clearer regulatory backdrop, the ECB championing tokenized markets and consortia like Qivalis building concrete products, Europe is laying the groundwork for a new phase in payments and financial infrastructure, one where euro‑backed stablecoins could become a standard tool rather than a niche experiment.
