AIB is among 25 banks joining a European consortium to develop a secure euro stablecoin

AIB joined a European consortium of 25 banks developing a secure, regulated euro stablecoin. Qivalis, incorporated in Amsterdam, targets a market launch in the second half of the year subject to regulatory approval. Stablecoins are digital assets used for payments and differ from other crypto because they are backed by a specific asset, usually a currency. The euro stablecoin is intended to enable near-instant, low-cost cross-border settlements. Existing Qivalis members include BNP Paribas, Danske Bank, KBC, and CaixaBank. Qivalis leadership said the coins will be backed by bank deposits and other safe assets, providing payment rails for Europe. The project is positioned as a step toward monetary autonomy and an open on-chain ecosystem governed by European rules, with participation expanding to 37 banks across 15 countries.

"Qivalis's euro-denominated coins will be backed by bank deposits and other safe assets. They can offer the means for Europe to provide the payment rails of the future."

"A native euro stablecoin isn't just about convenience - it's about monetary autonomy in the digital age. It enables European and global fintech companies, SMEs, and consumers to transact seamlessly across borders while maintaining the stability and trust they associate with the euro."

"Welcoming the new entrants today, Mr Sell said the expansion marked a giant leap forward towards an open on-chain ecosystem for the euro, which would be "built by European institutions and governed by European rules.""

"Stablecoins are a digital asset that can be used to make payments, but are different to crypto in that they are backed by a specific asset, usually a country's currency. They are particularly useful for making payments across countries' borders, providing near-instant and low-cost settlements."

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