Spains three largest banks have dated stablecoin projects: CaixaBank leads Qivalis, a consortium with nine European banks that will launch a MiCA-regulated euro stablecoin in the second half of 2026 (business-only at launch); BBVA has confirmed its own for 2026; and Santander is exploring, with global banking peers, one backed by a basket of G7 currencies. 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 (CaixaBank + 9 European banks). A joint entity with ING, Danske Bank, UniCredit and Raiffeisen among others, to issue a MiCA-regulated euro stablecoin in the second half of 2026, aimed initially at companies — as reported by elEconomista and El Espanol. It is Europes most ambitious move: an interbank EMT that is multi-entity from birth.
BBVA has confirmed its own stablecoin for 2026, consistent with its earlier push into crypto trading. Santander is studying, with global banks (Deutsche Bank, Citi, Barclays, UBS), a stablecoin backed by a basket of G7 currencies — a different approach: less euro-centric, more global infrastructure.
Why a bank wants its own stablecoin
Defence and business. Defence: 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.