Spanish banking giant BBVA joins EU bank stablecoin project, challenging US dollar dominance Odaily Planet Daily News: BBVA, the second largest bank in Spain, announced its joining Qivalis as the 12th member bank of the Amsterdam stablecoin project. Qivalis aims 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 of this project include major EU banks such as BNP Paribas, ING, UniCredit, etc. The goal is to issue stablecoins through the banking network, 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 is about $300 billion, of which only $860 million is pegged to a single euro. USD stablecoins still dominate: Tether's USDT market value is about $185 billion, and Circle Internet's USDC market value is about $70 billion.