Nine European Banks Team Up to Launch Euro-Backed Stablecoin
Nine major European banks, including ING, Banca Sella, KBC, and Danske Bank, are working together to create a euro-backed stablecoin. This new digital currency aims to offer a European alternative to US Dollar-backed stablecoins.
New Company Formed to Manage the Stablecoin
The banks have set up a company in the Netherlands to manage the project. They plan to get a license from the Dutch Central Bank to operate as an e-money institution. The group will soon appoint a CEO, subject to regulatory approval. They also want to add more banking partners to the project.
Stablecoin to Comply with EU Crypto Rules
The stablecoin will follow the EU’s Markets in Crypto-Assets (MiCA) regulation. The launch is expected in the second half of 2026. Floris Lugt, Digital Assets lead at ING, said, “We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards.”
The EU has tightened crypto rules since MiCA was introduced in 2023. This includes stricter controls on stablecoin transactions. The new euro stablecoin aims to compete with US Dollar-pegged coins like USDC, which currently dominate the European market. The move supports the EU’s goal of offering a native digital currency option for users.
