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Sabadell Bank Joins Qivalis European Stablecoin Project
Qivalis stablecoin development is seeing more member banks contribute as Europe finds an institutional answer to local currency stablecoins.
More banks in Europe are gradually supporting the EUR stablecoin consortium (Jorge Salas / Unsplash)
Qivalis Euro stablecoin project has a new member.
The banking consortium has added Sabadell as a new member bank to grow adoption across Europe and services for institutional clients. While still in pre-launch phase, more participants are expected to join.
According to Reuters, Spanish banking groups such as Cecabank, Abanca and Kutxabank are also interested in showing support for the initiative and could become part of the anticipated launch. In February, it was announced that BBVA had decided to back the project.
Additionally, as forecasted a few weeks ago by S&P Global, there is an expectation that stablecoins alongside tokenization of real world assets will bring forward more willing actors from Europe to integrate a new era of payments and settlement.
This would indeed help move beyond pilot testing and policy consultations, and into daily practice where clients moving large annual settlement volumes can save on time and fees.
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