Qivalis plans for a market launch in the second half of 2026.
Bank of Ireland and AIB have joined a consortium of European banks working towards issuing a euro-denominated stablecoin.
The two Irish banks joined the consortium alongside 23 other banks – including Cecabank, Erste Group, Groupe BPCE and the National Bank of Greece – taking the group’s total strength to 37 banks from across 15 countries in the region.
The group is led by Amsterdam-based bank Qivalis, which wants to introduce euro-denominated stablecoins to expand Europe’s financial infrastructure and compete with US-backed versions, which make up around 90pc of all stablecoins in circulation. Big names such as Danske Bank, ING and KBC joined the consortium last September.
Stablecoins are a digital asset generally linked 1:1 to a chosen fiat currency. These digital assets allow for round-the-clock liquidity and near instant settlements.
