Major Banks Join Forces for Euro Stablecoin Launch
The race to dominate Europe’s digital payments space just intensified.
ING (Netherlands) and UniCredit (Italy) have teamed up with seven other major European banks to create a MiCA-compliant euro stablecoin, according to a joint announcement from ING. The coin is expected to launch in the second half of 2026, aligning with Europe’s strategy to foster financial autonomy and compete with US-dominated stablecoin markets.
The new stablecoin will be issued under the Markets in Crypto-Assets (MiCA) framework and aims to become a trusted European digital payment standard.
Which Banks Are Involved?
The consortium includes financial institutions from eight EU countries:
- 🇳🇱 ING (Netherlands)
- 🇮🇹 UniCredit, Banca Sella (Italy)
- 🇪🇸 CaixaBank (Spain)
- 🇩🇰 Danske Bank (Denmark)
- 🇦🇹 Raiffeisen Bank International (Austria)
- 🇧🇪 KBC Bank (Belgium)
- 🇸🇪 SEB (Sweden)
- 🇩🇪 DekaBank (Germany)
The banks have also established a new entity in the Netherlands to develop and manage the project — opening the door for other EU banks to join in the future.
Features of the Euro Stablecoin
🔄 24/7 Cross-Border Payments
💶 Euro-Pegged Digital Currency
⚡ Near-Instant, Low-Cost Settlements
📦 Programmable Payments for supply chain and digital asset use cases
🧠 Smart Contract Compatibility for automated transaction logic
“Digital payments are key for new euro-denominated payments and financial market infrastructure,” said Floris Lugt, ING’s digital asset lead.
MiCA Brings Regulatory Clarity
The project is designed to align fully with MiCA, the European Union's regulatory framework for crypto assets, coming into full effect by 2026. This makes it one of the first stablecoins officially built for MiCA compliance, putting the banks ahead of the curve.
Digital Euro Delay Paves the Way
With the digital euro CBDC delayed until 2029, many experts now see this private sector stablecoin as a realistic alternative. Critics even called it the “digital euro’s obituary notice,” citing faster development timelines and clearer use cases.
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