---
title: "Bank stablecoins: what CaixaBank (Qivalis), BBVA and Santander are building and what it means"
url: "https://www.unknowngravity.com/en/articulos/bank-stablecoins"
site: Unknown Gravity
published: "2026-08-13T12:24:12+00:00"
modified: "2026-08-13T12:24:12+00:00"
language: en-US
description: "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…"
section: "Home > Cryptocurrencies and tokens > Bank stablecoins: what CaixaBank (Qivalis), BBVA and Santander are building and what it means"
---

# Bank stablecoins: what CaixaBank (Qivalis), BBVA and Santander are building and what it means

**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](https://www.eleconomista.es/banca-finanzas/noticias/13672092/12/25/caixabank-y-otros-nueve-bancos-europeos-se-unen-en-qivalis-para-lanzar-una-stablecoin-en-la-segunda-mitad-de-2026.html) and [El Espanol](https://www.elespanol.com/invertia/empresas/banca/20251119/stablecoin-euro-caixabank-socios-saldra-segunda-mitad-solo-empresas/1003744019882_0.html). 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](/en/glosario/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](/en/servicios/tokenizacion-activos).

## 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](/en/glosario/deposito-tokenizado) 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](/en/articulos/euro-stablecoin-mica) guide and, for issuers, in the [regulated tokenization platform](/en/articulos/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](/en/meeting).