BBVA Allies With Eleven European Banks To Create An Alternative To The Dollar's Hegemony
Europe enters the battle of stablecoins. By joining the Qivalis consortium, BBVA sets a decisive milestone in the fight for digital financial sovereignty. The goal is clear: to counter giants like USDT and USDC, omnipresent in global exchanges.
In brief
- Twelve European banks launch a euro stablecoin to reduce dependence on dollar stablecoins.
- The Qivalis project promises a regulated digital currency on blockchain, compliant with MiCA regulations.
A euro stablecoin to break the digital dollar supremacy
The domination of stablecoins backed by the dollar continues to grow. The USDT, issued by Tether, alone weighs over 185 billion dollars, followed by Circle’s USDC. By contrast, euro stablecoins struggle to exceed one billion.
The Qivalis project, based in Amsterdam, therefore aims to rebalance this trend. The objective: to launch a regulated digital euro, designed by banking institutions and compliant with MiCA.
BBVA thus joins a consortium including 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 ensure reliability and compliance.
MiCA and blockchain: the pillars of the Qivalis project
The project stands out due to its regulatory basis. Qivalis awaits the approval of the Central Bank of the Netherlands to operate as an electronic money institution. A mark of seriousness in a sector still largely dominated by unregulated players!
The future stablecoin will rely on blockchain, with simplified access to decentralized payments and settlement of tokenized assets. The ambition? To offer near-instantaneous transactions in euros for companies, institutions, and end consumers.
But that’s not all! 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 is based on years of research on 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 against the dollar’s hegemony. A strategic advance in the quest for regulated decentralized finance!
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My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.