Spanish Banking Giant BBVA Joins EU Bank Stablecoin Project, Challenging Dollar Dominance

Odaily News Spanish banking giant BBVA has announced 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 dollar-denominated stablecoins. The project's existing members include major EU banks such as BNP Paribas, ING, and UniCredit, with the goal of issuing stablecoins through banking networks to offer payment channels for businesses and consumers that do not rely on third parties outside the blockchain or the traditional financial system.

Currently, the global stablecoin market is approximately $300 billion, of which only $860 million is pegged to the euro. Dollar-denominated stablecoins still dominate: Tether's USDT has a market cap of around $185 billion, and Circle Internet's USDC has a market cap of about $70 billion. (CoinDesk)