Bank of Ireland joins European banking initiative to develop euro stablecoin
- Group of 37 European banks now collaborating on a regulated euro stablecoin
- Initiative aims to enable faster, more efficient euro payments using blockchain technology
- Only 0.2% of global stablecoin circulation is currently euro-denominated
20 May 2026: Bank of Ireland has joined Qivalis, the European bank consortium established to issue a fully regulated, euro‑denominated stablecoin, marking a significant step in the bank’s digital and innovation strategy. The move comes as Qivalis announces a major expansion of its membership, welcoming 25 new European banks and extending the consortium’s presence across 15 countries.
A stablecoin is a form of digital asset used to make payments. Unlike cryptocurrencies, which can rise and fall in price from day to day, stablecoins are designed to maintain a stable value, by backing each digital coin with real assets held in reserve. Today, only 0.2% of global stablecoin circulation is euro-denominated.
By joining Qivalis, Bank of Ireland will help develop a euro stablecoin that supports large-scale digital payments and settlement on a blockchain – a shared, secure digital record of transactions – rather than through traditional banking systems. This means money can move faster and more efficiently, settling quickly, operating 24/7 and relying on fewer intermediaries, while still using the euro.
The initiative aims to deliver a stablecoin fully backed on a 1:1 basis with the euro, operating under the planned supervision of the Dutch central bank and in compliance with MiCAR, the EU’s regulatory framework for crypto‑assets.
Billy O’Connell, Chief Strategy Officer at Bank of Ireland, said: “Through this initiative, Bank of Ireland is advancing innovation to deliver real benefits for customers, strengthen Europe’s financial infrastructure, and support the responsible development of digital money. In doing so, we are helping to shape the future of how money moves, while supporting our ambition of offering unrivalled financial choice – now and for generations to come.”
Jan-Oliver Sell, CEO of Qivalis, said: “We are thrilled to welcome 25 new partners to the Qivalis consortium. This expansion marks a giant leap toward an open and compliant on-chain ecosystem for the euro and shows that the majority of European institutions have already prioritised euro-native on-chain settlement in their digital asset journey. The euro is Europe’s currency, and on-chain financial infrastructure should carry it – built by European institutions and governed by European rules.”
Qivalis continues to engage with regulators while advancing its operational readiness and technical development in preparation for an anticipated launch in the second half of 2026.
In addition to Bank of Ireland, the other new member banks are ABANCA, ABN AMRO, AIB, Banco Sabadell, Bank Pekao S.A., Bankinter, Banque et Caisse d’Épargne de l’État (Spuerkeess), Banque Fédérative du Crédit Mutuel, BPER Banca, Cecabank, Erste Group, Groupe BPCE, Handelsbanken, Helaba, Intesa Sanpaolo, Jyske Bank, Kutxabank, Landsbankinn, National Bank of Greece, Nordea, OP Pohjola, Piraeus, Rabobank, and Swedbank. These institutions join existing consortium members Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
ENDS
About Qivalis
Qivalis B.V. (www.qivalis.eu) is developing a fully regulated, euro-denominated stablecoin backed by a consortium of 37 leading European banks. Domiciled in Amsterdam and pursuing Dutch Central Bank (DNB) authorisation as an Electronic Money Institution (EMI), Qivalis is planning to issue their euro stablecoin under a full reserve model, serving as the cornerstone of institutional-grade on-chain payment and settlement infrastructure. The token will be distributed through Qivalis’ trusted partners. By bridging traditional finance and on-chain innovation, Qivalis will deliver security, transparency, and trust to Europe’s evolving digital economy. Qivalis plans to launch in the second half of 2026.