European banks' Qivalis consortium to launch euro‑linked stablecoin by 2026

A consortium of 37 European banks, operating under the brand Qivalis, plans to issue a stablecoin pegged to the euro in the second half of 2026. Members include BBVA, Caixabank, Banco Sabadell, Bankinter, ABANCA, Kutxabank, Cecabank and others. The project is awaiting an official issuance licence under the EU's MiCA regulatory framework.

Qivalis aims to provide a private European alternative to US‑based stablecoins, facilitating faster, lower‑cost payments on public blockchains. While Banco Santander is not part of Qivalis, it is aligning with global banks such as Bank of America, Barclays and Goldman Sachs to explore institutional stablecoins.

The launch comes as the European Central Bank’s digital euro is expected only around 2029, raising questions about how widespread stablecoin use might affect money supply and the effectiveness of traditional monetary policy. In Latin America, stablecoin usage already exceeds that of Bitcoin, highlighting the growing relevance of such assets worldwide.