Nine leading financial institutions in Europe plan to launch a stablecoin that will be pegged to the euro and fully comply with the MiCAR regulatory framework. The launch of the new digital asset is expected to take place in the second half of 2026.
This is reported by Business • Media
Bank Consortium and Licensing Plans
The consortium includes major banks such as ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. To implement the project, the participants have established a new company that aims to obtain an Electronic Money Institution (EMI) license in the Netherlands. The name of the new firm is currently not disclosed, but it will be responsible for issuing the future stablecoin. If the initiative receives the necessary approvals, a CEO for the company will be appointed shortly.
Project Goals and Additional Services
The key goal of the new stablecoin is to provide a European alternative to US dollar-denominated stablecoins and to strengthen the financial independence of the European Union in the payments sector. Some banks participating in the consortium also plan to offer additional services, such as a cryptocurrency wallet and other value-added services.
“Digital payments play a key role in the development of new payment methods and the financial market infrastructure in euros. They provide significant efficiency and transparency due to the programmability of blockchain technology and 24/7 instant cross-currency settlements. We believe this development requires a cross-industry approach, and it is crucial for banks to adopt the same standards,” says Floris Lugth, head of digital assets at ING.
It is worth noting that a regulated stablecoin, EURC, is already present in the market, issued by Circle. It was one of the first to obtain a MiCAR license, allowing it to operate in accordance with the new EU financial regulation standards.