Spain’s three largest banks are in stablecoin projects: CaixaBank and BBVA are among the 37 European banks of Qivalis, which plans to launch a MiCA euro stablecoin in the second half of 2026; Santander and BBVA are among the 21 international institutions that will set up another issuer, starting with US dollars and with the euro as a priority. The question is no longer whether banks enter tokenized money, but with which vehicle — and what it means for anyone operating tokenized assets.
What is known about each project
Qivalis (37 European banks, including CaixaBank and BBVA). A Dutch company with ING, Danske Bank, UniCredit and Raiffeisen among other members, to issue a MiCA-regulated euro stablecoin, with launch expected in the second half of 2026 (Qivalis release of 20 May 2026); its start was reported by elEconomista and El Español. It is Europe’s most ambitious move: an interbank EMT that is multi-entity from birth.
BBVA joined Qivalis in February 2026 (BBVA release of 4 February 2026), consistent with its earlier push into crypto trading. Santander is among the 21 institutions, with Deutsche Bank, Citi and UBS, that on 1 September 2026 committed to set up an issuer: it will start with a US dollar stablecoin and has the euro as its priority among the next G7 currencies (Santander release) — a different approach: less euro-centric, more global infrastructure.
Why a bank wants its own stablecoin
Defense and business. Defense: every euro a corporate client moves into a non-bank stablecoin is a deposit leaving the balance sheet; after MiCA in Europe and the GENIUS Act in the US, regulated non-bank issuers compete head-on for that money. Business: 24/7 B2B payments without correspondents, programmable treasury and the delivery-versus-payment settlement of the tokenized markets already arriving — where tokenized money meets tokenized assets.
The two routes: stablecoin (EMT) or tokenized deposit
A bank can issue an EMT under MiCA — a full stablecoin, transferable beyond its own network, with reserves and redemption at par — or tokenize its deposits directly: a tokenized deposit keeps the money on the balance sheet under the familiar banking regime, in exchange for circulating only within its network. Qivalis takes the first route; much of global wholesale banking (JPMorgan with Kinexys) took the second first. They are not mutually exclusive: they are two layers of the same move.
What it means for a company
Short term: regulated bank-issued tokenized euro options for treasury and payments — B2B first, as the business-only start of Qivalis confirms. Medium term: the missing piece for DvP settlement of tokenized securities to become the norm; we develop the technical and regulatory detail in our euro stablecoin guide and, for issuers, in the regulated tokenization platform.
Project details as reported in November-December 2025; timelines may move. If you are designing how money will move in your issuance or platform, talk to us.