A group of major European banks have joined forces to launch a euro-pegged stablecoin in compliance with Europe’s Markets in Crypto-Assets (MiCA) framework.
Dutch lender ING and Italy’s UniCredit are among nine banks participating in the development of a new euro-denominated stablecoin, according to a joint statement published by ING on Thursday.
Built in compliance with Europe’s MiCA regulation, the stablecoin is planned to be issued in the second half of 2026, with a mission to become a trusted European payment standard in the digital ecosystem.
The announcement notes that the initiative aligns with Europe’s plans to provide a local alternative to the US-dominated stablecoin market, contributing to its strategic autonomy in payments.
Banks from eight EU member states initially involved
Alongside ING and UniCredit, the European stablecoin initiative also includes Spain’s CaixaBank, Denmark’s Danske Bank, Austria’s Raiffeisen Bank International, Belgium’s KBC, Sweden’s SEB, Germany’s DekaBank and another Italian lender, Banca Sella.
The founding members have also established a new company headquartered in the Netherlands, ING’s home country, to oversee the development and management of the stablecoin.
The banking consortium said in the joint announcement that it remains open to other banks joining the stablecoin project.
24/7 access to cross-border payments
According to the statement by ING, the projected euro stablecoin is expected to provide “near-instant, low-cost payments and settlements,” enabling 24/7 access to cross-border payments.
The stablecoin is also set to offer programmable payments and improvements to supply chain management and digital asset settlements, which can vary from securities to cryptocurrencies.
“Digital payments are key for new euro-denominated payments and financial market infrastructure,” said Floris Lugt, ING’s digital asset lead and joint public representative for the project.
“We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards,” he added.
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