Europe enters the stablecoin battle. By joining the Qivalis consortium, BBVA is taking a decisive step in the fight for digital financial sovereignty. The objective is clear: counter giants like USDT and USDC, omnipresent in global exchanges.
In brief
- Twelve European banks are launching a euro stablecoin to reduce dependence on dollar stablecoins.
- The Qivalis project promises a digital currency regulated on blockchain, compliant with MiCA regulations.
A euro stablecoin to break the supremacy of the digital dollar
There stablecoin dominance backed by the dollar continues to grow. USDT, issued by Tether, is worth more than $185 billion alone, followed by Circle's USDC. Conversely, euro stablecoins are struggling to exceed one billion.
THE Qivalis projectbased in Amsterdam, therefore aims to rebalance this trend. The objective: launch a regulated digital euro, designed by banking institutions and compliant with MiCA.
BBVA thus joins a consortium bringing together BNP Paribas, UniCredit, ING, CaixaBank and SEB. Together, they plan the deployment of a digital currency in 2026. This crypto-euro will be designed for decentralized payments, but under banking control to guarantee reliability and compliance.
MiCA and blockchain: the pillars of the Qivalis project
The project stands out for its regulatory anchoring. Qivalis is awaiting approval from the Central Bank of the Netherlands to operate as an electronic money institution. A guarantee of seriousness in a sector still mainly dominated by unregulated players!
THE future stablecoin will be based on blockchain, with simplified access to decentralized payments and settlements of tokenized assets. Ambition? Offer almost instantaneous transactions in euros for businesses, institutions and end consumers.
But not only that! This project also embodies an essential collaboration between banks to evolve the future banking model and offer reliable tokenization of financial assets. THE role of BBVA draws on years of research into digital assets.
This dynamic therefore marks a break: Europe no longer wants to suffer. If the project succeeds, it will give European stablecoins unprecedented legitimacy in the face of the hegemony of the dollar. A strategic step forward in the quest for regulated decentralized finance!
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