A banking alliance aims to create a European alternative to U.S. stablecoins.
A consortium of nine European banks has officially announced the creation of a euro-denominated stablecoin, designed to comply with the European Union’s new Markets in Crypto Assets (MiCA) regulation.
The alliance includes: ING (Netherlands), Banca Sella (Italy), KBC (Belgium), Danske Bank (Denmark), DekaBank (Germany), UniCredit (Italy), SEB (Sweden), CaixaBank (Spain), and Raiffeisen Bank International (Austria).
The project aims to establish a reliable new standard for digital payments in Europe. According to consortium participants, the euro stablecoin will enable near-instant transactions at lower costs, providing 24/7 accessibility for cross-border payments. The solution will also support advanced programmable payments and improvements in supply chain management and digital asset settlements.
The consortium has set up a new company in the Netherlands, with the goal of obtaining a license and supervision from the Dutch Central Bank as an electronic money institution. The launch is scheduled for the second half of 2026, with the appointment of a CEO pending regulatory approval.
Individual banks in the consortium will be able to offer additional services, including dedicated wallets for the stablecoin and specialized custody services. The initiative remains open to new banking institutions joining.
Floris Lugt, Head of Digital Assets at ING and public representative of the initiative, stated:
“Digital payments are key for new euro-denominated payments and financial market infrastructure. They offer significant efficiency and transparency, thanks to blockchain technology’s programmability features and 24/7 instant cross-currency settlement.”
