Bank of Ireland joins euro stablecoin consortium Qivalis

Bank of Ireland has joined Qivalis, a consortium of European banks developing a euro-denominated stablecoin. The group now includes 37 banks across 15 countries.

Qivalis announced 25 new members as it expands its geographic reach, with Bank of Ireland among the latest additions. Existing members include BNP Paribas, ING, UniCredit, BBVA and CaixaBank.

A stablecoin is a digital asset designed to maintain a fixed value against an underlying currency or reserve asset. In this case, the project centres on a token, backed one-for-one by the euro, intended for payments and settlement on blockchain-based systems.

The consortium is seeking to build a regulated euro stablecoin at a time when the single currency accounts for only a small share of the global stablecoin market. According to figures cited by the group, just 0.2% of worldwide stablecoin circulation is denominated in euros.

That gap has drawn growing attention from European financial institutions as digital assets move further into mainstream finance and policymakers push for market structures governed by regional rules. The planned stablecoin would operate under the supervision of the Dutch central bank and comply with the European Union's Markets in Crypto-Assets Regulation, or MiCAR.

Bank of Ireland said its participation is part of its broader digital and innovation strategy. It said the initiative would support the development of a payment instrument for large-scale transfers and settlement outside traditional banking rails while remaining denominated in euros.

Market shift

Blockchain-based payment systems record transactions on a shared digital ledger rather than through conventional bank processing systems. Supporters say this can enable faster settlement, round-the-clock operation and fewer intermediaries.

For European banks, the appeal lies partly in maintaining a stronger role in digital money as dollar-linked stablecoins dominate the sector. A euro alternative built by regulated lenders could give banks and corporate users a way into tokenised payments without relying on non-European issuers.

Billy O'Connell set out Bank of Ireland's view of the project.

"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," said Billy O'Connell, Chief Strategy Officer, Bank of Ireland.

The expansion significantly increases the size of the consortium and adds members from a broad range of European markets. The new entrants are ABANCA, ABN AMRO, AIB, Banco Sabadell, Bank Pekao, Bankinter, Banque et Caisse d'Épargne de l'État, 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, Swedbank, and Bank of Ireland.

They join an initial group comprising Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB and UniCredit. The breadth of the roster suggests large European institutions are moving to establish a common infrastructure for tokenised euro payments rather than pursuing fragmented national or proprietary systems.

Regulatory route

Qivalis is based in Amsterdam and is seeking authorisation as an electronic money institution in the Netherlands. That structure would place the proposed stablecoin within an established regulatory perimeter rather than the looser framework that characterised parts of the early crypto market.

This matters for banks considering digital-asset services without taking on the volatility associated with unbacked cryptocurrencies. Stablecoins differ from crypto tokens such as bitcoin because they are designed to maintain a stable value, typically through reserves held against the coins they back.

Jan-Oliver Sell, Chief Executive of Qivalis, said the latest round of members showed the level of support among European lenders for a regionally governed settlement asset.

"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," said Sell.