AIB Joins 37-Bank European Consortium Developing Euro Stablecoin

AIB has joined a consortium of European banks developing a euro-backed stablecoin, as traditional financial institutions across Europe continue expanding into blockchain-based payments and digital settlement infrastructure.

According to an Irish Times report, the initiative, called Qivalis, now includes 37 banks after 25 additional lenders joined the project this week. The consortium was originally launched in September 2025 by 12 major European banks, including BNP Paribas, BBVA, CaixaBank, and ING.

The group plans to launch its euro-denominated stablecoin product in the second half of 2026.

Stablecoin to operate under EU MiCA rules

According to AIB, the stablecoin will be fully compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA), which established the bloc’s regulatory framework for digital assets.

The consortium aims to create a regulated euro-backed stablecoin supported by bank deposits and other reserve assets, allowing financial institutions to offer blockchain-based payments and settlement services within the regulated banking system.

“We are investing in this consortium because we believe Europe needs trusted, regulated innovation in payments and settlement,” said Geraldine Casey, Managing Director of Retail Banking at AIB.

She added that the initiative is “a practical step for AIB to learn, innovate, test, and collaborate with other leading European banks.”

Spanish banks expand stablecoin push

The latest development follows earlier reports that major Spanish lenders were in advanced talks to expand participation in the Qivalis initiative as European banks look to improve payment efficiency and reduce reliance on U.S.-dominated financial infrastructure.

The broader push reflects rising competition between jurisdictions to build regulated digital payment networks, tokenised settlement systems, and stablecoin-based financial infrastructure.

Unlike volatile cryptocurrencies such as Bitcoin and Ethereum, stablecoins are typically pegged to traditional assets like fiat currencies and are designed to maintain stable value.

Global stablecoin race accelerates

The move also comes as governments worldwide accelerate regulated digital finance efforts. In Japan, lawmakers recently proposed an AI and on-chain finance strategy focused on stablecoins and tokenised payments, with major banks including Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank involved in related discussions.

Meanwhile, the Japan Blockchain Foundation recently confirmed plans to launch the EJPY stablecoin on both Ethereum and Japan Open Chain for payments, remittances, and Web3 applications.

The global regulatory debate around digital currencies is also intensifying in the United States. Earlier today, South Carolina Governor Henry McMaster signed S.163 into law, banning state participation in a Federal Reserve CBDC system while protecting crypto mining, staking, node operations, and self-hosted wallet usage.

The Qivalis initiative reflects a broader shift among traditional banks toward tokenised finance infrastructure, particularly in areas such as cross-border payments, digital settlement systems, tokenised deposits, stablecoin-based transfers, and blockchain-powered treasury operations.

The consortium’s planned launch later this year could mark one of Europe’s largest bank-led stablecoin deployments under the MiCA regulatory framework.

Also Read: Blockchain Association Urges FDIC to Narrow Stablecoin Rules