Banco Sabadell has announced its participation in the Qivalis consortium, a collective of European banks that is forming a company with the objective of issuing a euro-pegged stablecoin in the second half of 2026, CEO Cesar Gonzalez-Bueno said on Tuesday.
Speaking at a press conference, Gonzalez-Bueno - the outgoing chief executive of Spain's fourth-largest bank - framed the effort as a regional initiative to strengthen transaction infrastructure. "It is primarily designed to make transactions more efficient and secure. It is a European project that we believe makes sense, and we will indeed be part of it," he said.
The Qivalis alliance is reported to include roughly a dozen institutions. Named members cited in connection with the group are ING, UniCredit, BNP Paribas, Caixabank and BBVA. Together the participants are establishing a corporate vehicle intended to develop and offer a stablecoin denominated in euros.
According to the description provided at the announcement, the planned token will be pegged to the euro. The banks involved present the initiative as a response to the current global landscape of digital payments - specifically as a way to address the prominence of U.S.-based players in that space.
Stablecoins are defined in the announcement as cryptocurrencies designed to maintain a steady value, with backing provided by traditional fiat currencies. The statement also notes that stablecoins have experienced rapid growth in recent years.
Summary and implications
- Sabadell will join the Qivalis consortium to form a company planning to issue a euro-pegged stablecoin in H2 2026.
- The project is described by its proponents as a European effort to improve transaction efficiency and security while challenging U.S. dominance in digital payments.
- The alliance includes a dozen institutions, among them ING, UniCredit, BNP Paribas, Caixabank and BBVA.
Key points
- Timing - The consortium aims for a launch in the second half of 2026, establishing a clear target window for its work and any preparatory development.
- Membership - The alliance comprises roughly a dozen banks, with several major European lenders publicly identified as participants.
- Purpose - The initiative is positioned as a Europe-focused effort to enhance transaction efficiency and security and to respond to the dominance of U.S. firms in digital payments.
Risks and uncertainties
- Timeline uncertainty - While the group has set a target of the second half of 2026 for launching the stablecoin, the announcement does not provide details that guarantee this schedule will be met.
- Outcome uncertainty - The consortium's stated aim is to counter U.S. dominance in digital payments, but the announcement does not assert or document how success will be measured.
- Operational details unavailable - The public remarks describe stablecoins generally and confirm membership and timing, but they do not disclose specifics on the proposed coin's backing, governance or operational model.
Contextual note
The remarks quoted at the press event and the list of participating banks form the basis of this report. Further technical, regulatory and governance details for the planned euro-pegged stablecoin were not supplied in the announcement.