Nine of Europe’s leading banks are joining forces to launch a euro-denominated stablecoin, aiming to create a trusted digital payment system under the European Union’s Markets in Crypto Assets ( MiCA ) rules. The initiative signals a major push for European payment sovereignty in a market dominated by U.S.-backed digital currencies.
The consortium includes ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International.
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Together, they have formed a new company in the Netherlands, which will seek licensing and supervision from the Dutch Central Bank as an e-money institution. The stablecoin is expected to launch in the second half of 2026.
Euro Stablecoin Promises Instant, Low-Cost Payments
The banks say the new stablecoin will enable near-instant, low-cost transactions that are accessible around the clock. Built on blockchain technology, it will support programmable payments, streamline cross-border settlements, and improve supply chain and digital asset management.
Floris Lugt, ING’s digital assets lead and joint representative of the initiative, said, “Digital payments are key for new euro-denominated financial infrastructure. Blockchain allows efficiency, transparency, and instant settlement across currencies.”
The project represents a strategic move to reduce Europe’s reliance on U.S.-backed stablecoins while establishing industry-wide standards. Participating banks may also offer wallets, custody services, and other value-added features, potentially shaping the future of regulated digital assets in Europe.
While the stablecoin is still under development, the announcement signals growing institutional confidence in blockchain-based payments and could mark a turning point in the evolution of a digitally-native European financial ecosystem.
Why This Matters
The initiative marks a major step toward a Europe-controlled digital payment system, reducing reliance on U.S. stablecoins and setting standards for regulated blockchain-based transactions.
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A euro-denominated stablecoin is a type of digital currency pegged to the value of the euro. Unlike volatile cryptocurrencies, it is designed to maintain a stable value, making it suitable for everyday transactions, cross-border payments, and digital asset settlements.
Nine major European banks—ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International—have formed a consortium to launch the stablecoin. They have also created a new company in the Netherlands to oversee its issuance.
MiCA stands for Markets in Crypto Assets, the European Union’s regulatory framework for digital assets. It provides rules and protections for stablecoins and crypto services, ensuring legal clarity and consumer safety in the digital finance ecosystem.
The banks expect the stablecoin to be launched in the second half of 2026, pending regulatory approval from the Dutch Central Bank, which will supervise it as an e-money institution.
The initiative reduces Europe’s dependence on U.S.-backed stablecoins, strengthens payment sovereignty, and sets industry standards for regulated blockchain-based transactions.
