Odaily Planet News: BBVA, Spain's second-largest bank, announced its joining of Qivalis, becoming the 12th member bank of the Amsterdam stablecoin project. Qivalis aims to launch a regulated euro-pegged stablecoin, providing digital euro payment and settlement options for the EU market while challenging the dominance of US dollar stablecoins. Current members of the project include major EU banks such as BNP Paribas, ING, and UniCredit, with the goal of issuing stablecoins through a banking network to provide payment channels for businesses and consumers without relying on third parties outside the blockchain or the traditional financial system.
Currently, the global stablecoin market is about 300 billion U.S. dollars, of which only 860 million U.S. dollars is tied to a single euro. U.S. dollar stablecoins still dominate: Tether's USDT has a market capitalization of about 185 billion U.S. dollars, and Circle Internet's USDC has a market capitalization of about 70 billion U.S. dollars. (CoinDesk)