Spanish banks Sabadell and Bankinter are preparing to join Qivalis, a consortium of European banks developing a MiCA-compliant euro stablecoin that will go live in the latter part of 2026. Their involvement expands a project that has previously received support from major banks such as BBVA, ING, BNP Paribas, CaixaBank, and UniCredit. It also indicates a new impetus for a domestic EU substitute for dollar stablecoins.
How Qivalis’ Euro Stablecoin is Being Built
With an e-money license from the Dutch central bank, Qivalis, an Amsterdam-based joint venture, intends to produce a fully regulated stablecoin priced in euros. The consortium will back the token 1:1 with reserves, holding at least 40% in bank deposits and the rest in high‑quality euro‑area government bonds, so holders can always redeem at par.
After obtaining authorization and completing technical work with infrastructure partner Fireblocks, the consortium intends to launch in the second half of 2026.
Member banks say the stablecoin will follow the EU’s Markets in Crypto‑Assets Regulation (MiCA), which sets strict rules on reserve quality, disclosures, and redemption rights.
Why Sabadell and Bankinter are Joining Now
According to Spanish business reports, Sabadell and Bankinter will be part of a second wave of members, alongside Abanca, Kutxabank, and Cecabank. Their planned entry comes after BBVA and CaixaBank already joined the initial Qivalis group, giving Spain several seats at the table as the project shapes its product and distribution model.
The move allows mid-sized Spanish banks to plug into a shared digital euro rail rather than build their own tokenization stack from scratch. It also positions them to offer clients stablecoin‑based payments, on‑chain settlement, and tokenized asset services once Qivalis goes live.
Qivalis’ backers frame the project as a way to counter the dominance of dollar stablecoins like USDT and USDC in global crypto payments.
They argue that a bank‑issued euro token could keep more digital‑asset flows within the EU’s regulatory perimeter while providing corporates and fintechs with a trusted settlement asset for trading, remittances, and tokenized securities.
The consortium is already in advanced talks with crypto exchanges and liquidity providers about listing and market‑making, so the coin has depth from day one.
Member banks expect to distribute the stablecoin through their channels as well, which could bring it quickly into online banking, merchant acquiring, and treasury tools across several European markets.
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