US EditionNine European Banks Join Forces To Issue MiCA-Compliant Euro Stablecoin
Nine banks formed a Netherlands-based company to issue a euro stablecoin under EU MiCA rules, aiming to fill a market gap with less than 1% euro-backed stablecoins.
- A consortium of nine banks including Internationale Nederlanden Groep and UniCredit formed a Netherlands-based company on September 25 to issue a MiCA-compliant euro stablecoin.
- Regulatory momentum from Markets in Crypto-Assets Regulation and a $250 billion stablecoin market with euro-backed stablecoins under 1% prompted the banks' initiative.
- The consortium has filed for an e-money institution licence with the Dutch Central Bank and plans 24/7 operations, wallets, custody services, and to appoint a CEO pending approval with additional banks invited.
- The banks say the move will offer a European alternative to US-dominated stablecoins and support Europe's strategic autonomy, enabling faster, lower-cost cross-border payments and programmable settlements for businesses and individuals.
- The group expects issuance in the second half of 2026, amid a market where US dollar-based stablecoins hold some 99% and euro-denominated stablecoins have under €350 million market cap.
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ING, along with eight other European banks, is launching a stablecoin, a cryptocurrency pegged to the euro. The banking consortium aims to compete with the American stablecoin market. The other banks in the consortium are DekaBank, CaixaBank, KBC, Raiffeisen Bank, SEB, Dankske Bank, UniCredit, and Banca Sella. The nine banks have established a new company based in the Netherlands, which will be supervised by De Nederlandsche Bank (DNB). Why are …
Nine leading European banks have announced the joint introduction of a so-called "stablecoin" based on the euro.
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