Nine leading European banks have joined forces to create a stablecoin that will be backed by the euro and fully comply with the MiCAR regulations. The new digital asset is expected to enter the market in the second half of 2026.
This is reported by Finway
Stablecoin to Strengthen the EU’s Financial Autonomy
The consortium includes financial institutions such as ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. As part of the joint project, a new company has already been established, which intends to obtain an Electronic Money Institution (EMI) license in the Netherlands. The name of this firm is currently undisclosed, but it will be responsible for issuing the stablecoins.
The banks plan to appoint a CEO for the new enterprise after obtaining all necessary regulatory approvals. The main goal of the initiative is to create a European alternative to dollar-backed stablecoins and enhance the EU’s independence in electronic payments. In the future, consortium members are also considering the implementation of additional services, such as cryptocurrency wallets.
Technological Advantages and the Role of Banks in the Development of Electronic Payments
“Digital payments play a key role in the development of new payment methods and the financial market infrastructure in euros. They provide significant efficiency and transparency due to the programmability of blockchain technology and 24/7 instant cross-border settlements. We believe that this development requires a cross-industry approach, and it is crucial for banks to adopt the same standards,” says Floris Lugth, head of digital assets at ING.
It is worth noting that a regulated stablecoin, EURC, which is also pegged to the euro, is already present in the market. The company Circle, which issued this asset, was one of the first to obtain a license in accordance with MiCAR regulations.