Sabadell (BME:SABE) will join the Qivalis consortium, a group of European banks creating a company to launch a euro-pegged stablecoin in the second half of 2026,
CEO César González-Bueno announced on Tuesday.
The consortium aims to counter US dominance in digital payments through a new stablecoin initiative.
"It's primarily designed to make transactions more efficient and secure. It's a European project that we believe makes sense, and we will truly be part of it," González-Bueno, the outgoing CEO of Spain's fourth-largest bank, said at a press conference.
The alliance already includes about a dozen institutions, including ING (AS:INGA), UniCredit (BIT:CRDI), BNP Paribas (EPA:BNPP), Caixabank (BME:CABK), and BBVA (BME:BBVA).
Stablecoins are a type of cryptocurrency backed by traditional currencies and designed to maintain a constant value. They have seen rapid growth in recent years.