The 2025 edition of Merge Madrid, held at the Cibeles Palace, brought together more than 3,000 attendees and 200 international experts to address the institutional adoption of cryptoassets, European regulation under the European Markets in Cryptoassets Regulation (MiCA), and the technological convergence between Europe and Latin America.
During the event, banks, fintech companies, and blockchain experts shared their perspectives on the future of money and the interoperability between traditional banking and cryptocurrency.
2026 comes with BBVA’s own stablecoin
The most notable announcement came from BBVA, which confirmed the development of its own stablecoin, planned for 2026, as part of its strategy to become a global crypto platform. Samuel Martínez, Senior Manager of Blockchain and Digital Assets, explained that the bank already offers cryptocurrency trading and is developing custody, tokenization, and stablecoin payment solutions, with Spain serving as the starting point for international expansion. This move comes amid the full implementation of MiCA, which has accelerated European banking’s entry into the digital sector.
While BBVA is pursuing its own initiative, other banks, such as CaixaBank and ING, are opting for associations to launch joint stablecoins, highlighting the diversity of strategies in the region.
At the same time, Unicaja emphasized a more conservative approach and ruled out offering cryptocurrencies such as Bitcoin or Ether to retail customers, emphasizing that “the most important thing in a bank is trust.” Representatives agreed that retail adoption in Spain remains limited compared to other markets where BBVA already operates with greater penetration of crypto assets.
Europe and Latin America Align Regulatory Strategies
During the panel “Global Regulators and Crypto: Different Approaches, Common Challenges,” Raquel García Alcubilla Head of Policy, Innovation and Sustainable Finance Department at Spanish Securities and Exchange Commission (CNMV), Luis del Olmo, Senior Expert at European Banking Authority, and Claudia Sotelo Chief at Comisión para el Mercado Financiero of Chile discussed the need to harmonize criteria and coordinate supervision to avoid arbitrage in Europe. García Alcubilla specified that “under MiCA, Spain has not yet registered 400 crypto companies”, but highlighted the gradual progress toward clear and uniform regulation.
José Manuel Marqués Director of Financial Innovation and Market Infrastructures Department of the Bank of Spain, emphasized the priority of maintaining financial stability and the functioning of the payment system while innovations such as the digital euro and stablecoins are developed. He noted that “the proportion of supporting assets deposited in banks helps mitigate risks, although the final impact still requires monitoring”.
The “back and forth” between crypto and traditional money
The event also focused on user experience and interoperability between financial systems. Pablo Arboleda Niño, CEO of Wenia – Bancolombia, emphasized the need to facilitate “back and forth,” allowing customers to easily and securely switch between their bank account and digital assets, and vice versa.
Traditional banking experts agree that the greatest disruption will occur in the payments market, rather than in investment, highlighting the importance of interoperability and the coexistence of hybrid models, including CBDCs, stablecoins, and tokenized deposits.
For his part, Alfonso Pidal Ligués, Strategy and Innovation on Blockchain and Digital Assets for BBVA, emphasized that “the biggest challenge for banking is not technical but cultural, highlighting the need for internal education and recognition of the crypto world to advance under MiCA.”
Startup 2025 Contest: Neitec Wins with Tokenized Debt
This year, the Madrid edition opened the floor to host the Merge Startup Contest 2025, sponsored by the Comunidad de Madrid, where Neitec, the private credit platform that connects mid-market companies with global investors, optimizes the issuance, structuring, and management of debt instruments within the European regulatory framework, took first place in the competition.
Paula Pascual, CEO of Merge Madrid, highlighted that “the finalist projects are the consolidation of the event as a bridge between Europe and Latin America”.
Merge Madrid 2025 was not only a financial and technological space; it consolidated its position as a key event uniting Europe and Latin America, banking and crypto, technology and culture, and laid the groundwork for the next edition, which will take place in São Paulo in March 2026.