BBVA is joining the Qivalis stablecoin consortium.
The Spanish banking group has officially announced it is entering the stablecoin issuance space by committing to the joint Euro stablecoin project.
Over the last few months now more than 10 banks have thrown their hats into the mix, including but not limited to: BNP Paribas, Danske Bank, ING, UniCredit, among others.
Head of BBVA Partnerships and Innovation Jan-Oliver Sell expressed:
Having BBVA join the banking consortium marks an important step forward. With their addition, our network now brings together twelve European banks committed to building a secure, MiCAR‑compliant euro stablecoin framework.”
Launching in Q2 of this year, it remains to be seen how the infrastructure will work in practice.
Key thing to look out for is the redemption rights and the choice of reserves that will be selected in the end, although this will be under the MiCA framework.
This would be aimed at both retail and institutional use.
Currently, no networks or token addresses have been announced as of yet. However, this certainly adds to the pro Euro-stablecoin narrative expected to increase in the coming years as a counter to U.S. dollar stablecoin dominance, while also questioning the parallel tokenized deposit model.
