Nine major European banks have joined forces to launch a euro-denominated stablecoin regulated under the European Union’s Markets in Crypto Assets regime. The banking consortium includes ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International.
The initiative aims to create a trusted European payment standard in the digital ecosystem and provide a European alternative to the US-dominated stablecoin market, contributing to Europe’s strategic autonomy in payments. The stablecoin will enable near-instant, low-cost transactions with 24/7 access to efficient cross-border payments, programmable payments, and improvements in supply chain management and digital asset settlements.
The consortium has formed a new company in the Netherlands that aims to be licensed and supervised by the Dutch Central Bank as an e-money institution. The MiCA-regulated stablecoin is expected to be first issued in the second half of 2026. Individual banks will be able to provide value-added services such as stablecoin wallets and custody solutions.
The consortium remains open to additional banks joining the initiative. A CEO is expected to be appointed in the near future, subject to regulatory approval. Earlier this year, CoinDesk reported that Dutch bank ING was working on a stablecoin project with other financial institutions, while French bank SocGen’s Forge subsidiary recently announced its USD-denominated stablecoin USDCV had chosen Bullish Europe as the first venue to list the token.
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