ING is collaborating with several institutions to develop a new stablecoin.

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[ING is collaborating with multiple institutions to develop a new stablecoin] ING is developing a stablecoin product and plans to conduct business under the new regulations of the EU's Markets in Crypto-Assets Regulation (MiCA). According to informed sources, the stablecoin project may be carried out in a consortium format, collaborating with other banks and encryption service providers. Currently, the project is progressing slowly, as multiple banks need to obtain board approval to establish a joint venture entity. The EU MiCA legislation requires stablecoin issuers to obtain authorized licenses and hold sufficient reserves in European banks. Previously, Societe Generale through its innovation division SG Forge has launched stablecoin services. ING's participation will introduce new competition to the European stablecoin market.

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