37 European banks are now building their own euro stablecoin to counter US dollar tokens Bank of Ireland and AIB joined Amsterdam-based Qivalis, the consortium developing a regulated euro-pegged stablecoin, targeting an H2 2026 launch. The expansion brings the group to 37 European banks across 15 countries, including BBVA, BNP Paribas, CaixaBank, Danske Bank, UniCredit, plus new entrants National Bank of Greece and Swedbank. The pitch: a 1:1 euro-backed stablecoin issued and supervised inside the regulated European banking system. Only 0.2% of global stablecoin circulation is currently euro-denominated, with the market dominated by US dollar tokens. AIB's Geraldine Casey said Europe needs "trusted, regulated innovation in payments and settlement." Qivalis CEO Jan-Oliver Sell called the expansion "a giant leap toward an open and compliant on-chain ecosystem for the euro."