PANews reported on February 4th, citing CoinDesk, that BBVA, Spain's second-largest bank, has announced its participation in Qivalis, a consortium of EU banks aiming to launch a regulated euro-denominated stablecoin to challenge the dominance of dollar-denominated stablecoins. Qivalis currently comprises 12 major EU banks, including BNP Paribas, ING, and UniCredit. Qivalis plans to apply for electronic money institution authorization from the Dutch Central Bank under the EU's Crypto Asset Markets Act (MiCA) and aims to launch its euro-denominated stablecoin in the second half of 2026.