Spain's Sabadell, Bankinter set to join European stablecoin consortium, Expansion says
Logo of Sabadell bank is seen on the top of their main central service office building in Sant Cugat del Valles, near Barcelona, Spain, January 22, 2025. REUTERS/Albert Gea
MADRID, May 5 : Spanish lenders Sabadell and Bankinter are planning to join European banks that have formed a company to launch a euro-pegged stablecoin in the second half of 2026, Spanish newspaper Expansion reported on Tuesday.
Non-listed Spanish entities such as Abanca, Kutxabank and Cecabank would also join the Qivalis consortium, the paper said, adding an official announcement was expected in the coming weeks, as the consortium finalises other sign-ups.
The lenders were not immediately available for comment.
Stablecoins - a type of cryptocurrency designed to maintain a constant value and backed by traditional currencies - have grown sharply in recent years.
The alliance already comprises a dozen institutions, such as ING, UniCredit and BNP, Caixabank and BBVA.
The consortium is seen as a move to help counter U.S. dominance in digital payments.
Banks are grappling with the fast-growing stablecoin industry and the wider growth of cryptocurrencies, which are seen by some as providing direct competition.
That growth has put traditional lenders under pressure to find uses for blockchain technology within their own businesses.
