2 days ago
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Reuters
Tue, May 5, 2026 astatine 1:09 AM CDT 1 min read
MADRID, May 5 (Reuters) - Spanish lenders Sabadell and Bankinter are readying to articulation European banks that person formed a company to motorboat a euro-pegged stablecoin successful the 2nd half of 2026, Spanish paper Expansion reported connected Tuesday.
Non-listed Spanish entities specified arsenic Abanca, Kutxabank and Cecabank would besides articulation the Qivalis consortium, the insubstantial said, adding an authoritative announcement was expected successful the coming weeks, arsenic the consortium finalises different sign-ups.
The lenders were not instantly disposable for comment.
Stablecoins - a benignant of cryptocurrency designed to support a constant worth and backed by accepted currencies - person grown sharply successful caller years.
The confederation already comprises a twelve institutions, specified arsenic ING, UniCredit and BNP, Caixabank and BBVA.
The consortium is seen arsenic a determination to assistance antagonistic U.S. dominance successful integer payments.
Banks are grappling with the fast-growing stablecoin manufacture and the wider maturation of cryptocurrencies, which are seen by immoderate arsenic providing nonstop competition.
That maturation has enactment accepted lenders under unit to find uses for blockchain exertion wrong their ain businesses.
(Reporting by Jesús Aguado; Editing by Mark Potter)
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