Ireland-based Bank of Ireland has joined Qivalis, the European bank consortium established to issue a fully regulated, euro-denominated stablecoin. The announcement coincides with a significant expansion of the Qivalis membership, which has welcomed 25 new European banks, bringing the total consortium to 37 institutions across 15 countries.
New members joining alongside Bank of Ireland include 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, and Swedbank. They join existing members, including BBVA, BNP Paribas, CaixaBank, Danske Bank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
Stablecoin design and regulatory framework
The Qivalis stablecoin is designed to be fully backed on a one-to-one 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. It is intended to support large-scale digital payments and settlement on a blockchain rather than through traditional banking systems, enabling faster settlement, round-the-clock operation, and reduced reliance on intermediaries while retaining the euro as the unit of value.
The initiative addresses a notable gap in the current stablecoin landscape. Only 0.2% of global stablecoin circulation is currently euro-denominated, with the market dominated by dollar-denominated instruments. A regulated, bank-issued euro stablecoin would provide European institutions and businesses with a compliant on-chain settlement option denominated in their domestic currency.
Timeline and operational readiness
Qivalis is continuing to engage with regulators while advancing its operational readiness and technical development. The consortium anticipates a launch in the second half of 2026.
Industry context
The expansion of the Qivalis consortium reflects growing institutional momentum behind regulated euro-denominated digital money in Europe, driven in part by the MiCAR framework, which came into force in 2024 and established a clear regulatory pathway for stablecoin issuance within the EU. The concentration of dollar-denominated stablecoins in global markets has prompted concern among European policymakers and financial institutions about the strategic implications of on-chain financial infrastructure being dominated by non-euro instruments. A consortium of 37 European banks issuing a MiCAR-compliant euro stablecoin represents one of the most significant collective responses to that concern to date.
