Chiara Bianchi
A consortium of nine leading European banks has teamed up to create a euro-backed stablecoin, aiming to position it as a trusted and widely accepted European payment standard.
The participating institutions include UniCredit, ING, Banca Sella, KBC, Danske Bank, DekaBank, SEB, CaixaBank, and Raiffeisen Bank International. To oversee the initiative, the lenders have set up a dedicated company in the Netherlands, which will operate under the supervision of the Dutch Central Bank.
According to a press release from ING, the new stablecoin will be fully compliant with the EUโs Markets in Crypto-Assets Regulation (MiCA). The project is scheduled for rollout in the second half of 2026, following the necessary licensing and regulatory approvals.
The banks emphasized that the initiative will serve as a European-built alternative to U.S.-dominated stablecoins, reinforcing the continentโs strategic autonomy in the digital payments sector. They also noted that individual banks involved in the project may develop value-added services, such as digital wallets and custody solutions for the stablecoin.
Why MiCA Matters for Stablecoins
MiCA, which became fully enforceable at the end of last year, introduces comprehensive guidelines for crypto issuers and service providers across the European Union. The regulation is designed to create a consistent legal framework and strengthen consumer protection while supporting innovation.
Growing Demand for Stablecoins
Stablecoins continue to gain traction worldwide. In the U.S., a more crypto-friendly stance under the Trump administration has accelerated adoption. According to PRIME, the total USD-pegged stablecoin supply reached 281.7 billion, rising from 272.3 billion earlier this month.
Meanwhile, euro-backed stablecoins are also expanding. Data shows that the total euro stablecoin supply on Ethereum climbed to 319.1 million, up from 309.4 million at the beginning of the month.
