Spanish bank BBVA joins EU stablecoin project Qivalis

BBVA, the second largest bank in Spain, announced its membership in the Amsterdam stablecoin project Qivalis, becoming the 12th member bank. Qivalis plans to launch a regulated stablecoin anchored in the euro, providing digital euro payment and settlement options for the EU market, while challenging the dominant position of the US dollar stablecoin. The current members include major EU banks such as BNP Paribas, ING, UniCredit, etc. The goal is to issue stablecoins through banking networks, providing businesses and consumers with payment channels that do not rely on third-party or traditional financial systems outside of blockchain. At present, the global stablecoin market size is about 300 billion US dollars, of which only 860 million US dollars are pegged to a single euro, with US dollar stablecoins dominating.