ING, UniCredit join European banks developing euro stablecoin under MiCA rules

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A consortium of major European banks has teamed up to launch a euro-pegged stablecoin, designed to comply with the EU’s Markets in Crypto-Assets (MiCA) regulations.

Dutch lender ING (OTCPK:INGVF [https://seekingalpha.com/symbol/INGVF]) and Italy’s UniCredit (OTCPK:UNCRY [https://seekingalpha.com/symbol/UNCRY]) (OTCPK:UNCFF [https://seekingalpha.com/symbol/UNCFF]) are among nine banks participating in the development of a euro-denominated stablecoin, according to a joint statement published [https://www.ing.com/Newsroom/News/Nine-major-European-banks-join-forces-to-issue-stablecoin.htm] by ING on Thursday.

The stablecoin will provide near-instant, low-cost payments and settlements and is built in compliance with Europe’s MiCA regulation. It is expected to be first issued in the second half of 2026, the statement noted.

Alongside ING and UniCredit, the European stablecoin initiative also includes Spain’s CaixaBank (OTCPK:CAIXY [https://seekingalpha.com/symbol/CAIXY]), Denmark’s Danske Bank (OTCPK:DNSKF [https://seekingalpha.com/symbol/DNSKF]), Austria’s Raiffeisen Bank International (OTCPK:RAIFF [https://seekingalpha.com/symbol/RAIFF]), Belgium’s KBC (OTCPK:KBCSF [https://seekingalpha.com/symbol/KBCSF]), Sweden’s SEB (OTCPK:SEBYF [https://seekingalpha.com/symbol/SEBYF]), Germany’s DekaBank, and another Italian lender, Banca Sella.

The stablecoin consortium, with the aforementioned banks as founding members, has formed a new company in the Netherlands, aiming to be licensed and supervised by the Dutch Central Bank as an e-money institution.

The consortium is open to additional banks joining. A CEO is expected to be appointed in the near future, subject to regulatory approval.

The announcement noted that the initiative aligns with Europe’s plans to provide a local alternative to the US-dominated stablecoin market.

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