Banco Sabadell is set to join a group of European banks that have come together to create a new company focused on launching a euro-pegged stablecoin, according to its CEO César González-Bueno.
The project is being undertaken by the Qivalis consortium in hopes of launching the digital currency in the latter half of 2026.
The motivation for the project is to create a regulated digital payment system backed by euros, which will be used for various transactions within Europe and between countries.
The project has been conceived as an attempt by the consortium to improve Europe’s own digital payment capabilities, in line with that of its peers in the United States.
In addition, it is seen as part of a strategy to diminish Europe’s reliance on U.S. dominant digital payment networks and stablecoins.
According to Gonzalez-Bueno, the outgoing CEO of the fourth-largest bank in Spain, the initiative seeks to enhance efficiency and security in transactions, and the bank intends to participate in the development of stablecoins within Europe.
Major EU banks join forces under Qivalis
Qivalis consortium has already managed to create a rather large community comprising several banks across Europe. It consists of companies like ING Group, UniCredit, BNP Paribas, CaixaBank, and BBVA.
These banks collaborate on creating a euro-pegged stablecoin that would allow Europe to have a much bigger impact on the rapidly developing industry of digital payments.
In addition, according to Bankinter spokesman, a representative of the Spanish bank, being the fifth largest in the country measured by market capitalization, confirmed that Bankinter is now involved in negotiations with the consortium.
It is expected that the bank will present the news concerning the deal by midsummer, hinting at the possibility that other institutions will join the project as well in the coming months.
As it was mentioned before, stablecoins represent cryptocurrencies created in order to provide users with stable rates thanks to their pegging to fiat currencies. In most cases, stablecoins are pegged to euros or dollars, thus providing all the benefits of both crypto and fiat money.
Meanwhile, sources familiar with the discussions told Reuters that several non-listed Spanish financial institutions, including Abanca, Kutxabank, and Cecabank, are also weighing whether to join Qivalis.
The additional reports by Reuters confirm earlier reporting by Spanish newspaper Expansión, pointing to a steady build-up of interest as Europe’s banking sector increasingly explores shared digital currency infrastructure.
Banks face rising competition as stablecoins gain mainstream payment use
With the ever-growing importance of stablecoins, banks are gradually adapting to the trend, recognizing the increasing competition from cryptocurrencies as a real phenomenon.
The use of stablecoins in payments, trading, and cross-border money transfers has become quite common due to the combination of the convenience of cryptocurrencies and the security of traditional finance instruments. In this way, the role of stablecoins gradually begins to overlap with the traditional activities of banks and financial networks.
As a consequence, there is a growing need for financial institutions to react and change. Banks are becoming interested in integrating blockchain into their activities, which implies working with tokenized assets and developing technologies aimed at the enhancement of the process of settlement.
Overall, the problem is associated with the need to retain relevance in the new environment of fast-growing digital assets. In this situation, failure to act might lead banks to losing positions in crucial sectors of payments and settlement.