Spain’s fourth largest bank, Banco Sabadell, plans to join the Qivalis stablecoin consortium. Bankinter, the fifth largest, intends to make a decision this summer, according to Catalan newspaper Ara. It also reported that other Spanish banks Abanca and Kutxabank are at an earlier stage of consideration, citing sources.
Spain’s second and third largest banks, BBVA and CaixaBank, are already members of the Netherlands Qivalis consortium alongside ten other European banks. Ara noted that the largest bank, Banco Santander, is not joining Qivalis but is a member of a different consortium involving ten international systemically important (G-SIB) banks.
That said, we believe the G-SIB banks may have a different goal, with plans to launch “reserve-backed digital money tokens to enable payments on public blockchains in G7 currencies.” In the announcement in October 2025 the consortium didn’t use the term stablecoin. Notably, BNP Paribas, a key founding member of that initiative, has also joined Qivalis.
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