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European Union banks collaborate to launch a euro stablecoin compliant with MiCA standards.
- Nine European banks, including ING, Banca Sella, KBC, and Danske Bank, have joined efforts to launch a euro-backed stablecoin.
- The cooperation aims to provide a native alternative to the European Union for dollar-denominated stablecoins in the region.
- The group also established a company in the Netherlands with the aim of obtaining a license from the Dutch central bank as an electronic money institution.
Nine banks from the European Union are collaborating to launch a fully compliant euro-backed stablecoin, aiming to compete with dollar-denominated cryptocurrencies in the region.

ING Bank, Banca Sella, KBC, and others are planning to launch a euro stablecoin compliant with MiCA.
A group of major European banks, including ING, UniCredit, Danske Bank, CaixaBank, and SEB, are collaborating on a euro-backed stablecoin project, according to a statement released on Thursday. The project aims to provide a European alternative to dollar-backed stablecoins.

The consortium clarified that it has established an entity based in the Netherlands to oversee the initiative and aims to obtain a license from the Dutch central bank for the new company.

The group also expressed its plans to appoint a CEO for the newly formed company in the near future, pending regulatory approval. It also showed interest in expanding the initiative by accepting more banking partners.

The new stablecoin will be subject to the EU's MiCA regulations for crypto asset markets (, with a potential launch scheduled for the second half of 2026.

Floris Loget, Head of Digital Assets at ING and co-general representative of the initiative, said: "We believe this development requires an industry-wide approach, and it is essential for banks to adopt the same standards."

The European Union has tightened its grip on the cryptocurrency sector over the past few years, following the issuance of the MiCA regulation in 2023. Since then, cryptocurrency activities have been subjected to stricter measures, including those related to stablecoin transactions.

Following the approval of the GENIUS Act in the United States in July, reports indicate that the European Union has begun to accelerate its plans for the digital euro, with expectations for its launch on the Ethereum or Solana blockchains.

USDC holds a significant share of the stablecoin market in the region after Circle obtained the first license for dollar-pegged digital currencies under the MiCA regulation last year. This development coincided with the delisting of Tether's USDT from several European exchanges for non-compliance with EU regulations, leading to a decrease in market demand from the region.

Despite the presence of euro-backed stablecoins in the region, the market is still largely dominated by cryptocurrencies linked to the US dollar. The launch of a fully compliant stablecoin, through cooperation among European banks, aims to create a level playing field and provide a more authentic option for users.