The Dutch giant is leading a European banking consortium toward the creation of a euro-backed stablecoin.
According to Coindesk, ING — one of Europe’s largest banking institutions — is reportedly working on developing a stablecoin pegged to the euro, marking a potential entry into the digital asset market.
The project would see ING collaborating with several other banks to form a consortium dedicated to developing and issuing the stablecoin. The initiative is said to still be in its early stages, with progress moving cautiously as many of the participating banks are still awaiting approvals from their respective boards and the necessary regulatory clearance to establish a joint entity.
“ING is working on a stablecoin project with a few other banks. It’s moving slow as multiple banks need board approval to set up a joint entity,” one of the sources said.
This move comes following the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation, which redefines how stablecoins are issued and managed in the region. MiCA requires issuers to obtain licenses and maintain reserves with European banks.
ING’s entry into the sector wouldn’t be the first step from a traditional financial institution. France’s Société Générale, through its digital assets division SG Forge, has already launched a euro-backed stablecoin on the Stellar blockchain. Last February, Bank of America also revealed its intention to enter this market.
