Nine major European banks have joined forces to develop a euro-backed stablecoin under MiCA regulations, aiming to create a regional alternative to the dominance of U.S.-backed stablecoins.
The consortium, which includes ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International, has established a new entity in the Netherlands. The stablecoin is expected to launch in the second half of 2026 and will be supervised by the Dutch Central Bank under an e-money license.
According to the joint statement, the stablecoin will provide near-instant, low-cost, and 24/7 accessible transactions, while enhancing efficiency in cross-border payments, supply chain management, and digital asset settlements. The banks also noted that more institutions may join the initiative in the future.
Alongside the stablecoin, participating banks are preparing to offer additional services such as digital wallets and custody solutions. Floris Lugt, ING’s Head of Digital Assets, highlighted that blockchain technology would drive transparency and efficiency, stressing the importance of banks adopting shared standards. This move follows SocGen’s Forge subsidiary issuing euro- and dollar-backed stablecoins under MiCA, further intensifying the competition in Europe’s stablecoin market.
