European banks are expanding the Qivalis consortium as Sabadell prepares to join the 12-bank group building a MiCA-compliant euro stablecoin for H2 2026.
The move adds fresh Spanish backing to a project aimed at reducing Europe’s reliance on dollar-based digital money. Bankinter is also in advanced talks, while Abanca, Kutxabank, and Cecabank are weighing membership.
Spanish Banks Back Qivalis
Banco Sabadell confirmed its plan during a Tuesday press conference led by outgoing CEO Cesar Gonzalez-Bueno. He said the project aims to make transactions more efficient and secure, adding that the bank sees value in joining a wider European effort.
The commitment will continue after Marc Armengol takes over as CEO later this year. Bankinter may follow, while other Spanish institutions are assessing the consortium model instead of building separate stablecoin projects.
Qivalis Builds Wider European Network
Qivalis was incorporated in Amsterdam in December 2025 by nine European banks. BNP Paribas joined that same month, while BBVA later became the 12th member after dropping its standalone stablecoin plan.
The current group includes Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
Jan-Oliver Sell, the former Coinbase Germany CEO, leads the consortium. Sir Howard Davies, former NatWest Group and FSA chairman, chairs the supervisory board. Fireblocks will provide the technical infrastructure for token issuance.
Euro Stablecoins Target Market Gap
Qivalis is entering a market still dominated by dollar stablecoins. USDT holds about $189 billion in market value, while USDC stands near $78 billion. Euro stablecoins remain below 1 percent of the $305 billion global market.
Circle’s EURC sits in the low-to-mid $400 million range, while Société Générale’s EURCV is around $124 million. Sell has argued that the euro represents about 20 percent to 25 percent of global fiat financial flows but only around 0.2 percent of stablecoin flows.
The planned token will be backed 1:1 by euros. At least 40% of reserves will sit in bank deposits, while the rest will be held in short-term euro-area sovereign bonds. The project also plans 24/7 redemption.
Qivalis is applying for an Electronic Money Institution license from the Dutch central bank under MiCA. The process could take six to nine months. With the ECB’s digital euro not expected before 2029, Qivalis may gain a multi-year opening to build euro liquidity on-chain.
