Spain's BBVA Joins Euro Stablecoin Initiative to Challenge Dollar Dominance

Recently, Spain's second-largest bank BBVA announced its participation in the Amsterdam-based stablecoin project Qivalis, becoming the 12th member bank. The goal of Qivalis is to launch a regulated stablecoin pegged to the euro, offering the EU market a new digital payment and settlement option, thereby challenging the dominance of dollar-backed stablecoins.

The Rise of Euro Stablecoins

Currently, the global stablecoin market is valued at around $300 billion, with only $860 million linked to the euro. Despite this, Qivalis aims to provide businesses and consumers with a payment solution that does not rely on third parties outside blockchain or the traditional financial system, by leveraging its banking network.

Challenging Dollar Dominance

• Dollar-backed stablecoins still dominate the market, with Tether's USDT valued at around $185 billion.
• Circle Internet's USDC is valued at approximately $70 billion.

Existing members of Qivalis include major EU banks such as BNP Paribas, ING, and UniCredit, highlighting the project's potential and determination to drive the adoption of a digital euro.