Sabadell and Bankinter Set to Join European Stablecoin Consortium in 2026
Spanish Banks Move Toward Euro-Pegged Stablecoin Collaboration
Plans for Consortium Expansion
MADRID, May 5 (Reuters) - 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.
Additional Members and Official Announcement
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.
The Rise of Stablecoins in Europe
Understanding Stablecoins
Stablecoins - a type of cryptocurrency designed to maintain a constant value and backed by traditional currencies - have grown sharply in recent years.
Current Consortium Members
The alliance already comprises a dozen institutions, such as ING, UniCredit and BNP, Caixabank and BBVA.
Implications for the Banking Sector
Countering U.S. Dominance in Digital Payments
The consortium is seen as a move to help counter U.S. dominance in digital payments.
Challenges for Traditional Lenders
Competition from Cryptocurrencies
Banks are grappling with the fast-growing stablecoin industry and the wider growth of cryptocurrencies, which are seen by some as providing direct competition.
Adoption of Blockchain Technology
That growth has put traditional lenders under pressure to find uses for blockchain technology within their own businesses.
(Reporting by Jesús Aguado; Editing by Mark Potter)
