Nine European lenders have joined to launch a euro-backed stablecoin, scheduled to be launched in the second half of 2026.
Per a Bloomberg report on Thursday, the banking consortium includes ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International. The stablecoin will be regulated under the trading block’s Markets in Crypto Assets (MiCA) rule.
Further, the banks have formed a new company in the Netherlands to house the stablecoin project. It aims to be licensed by the Dutch Central Bank as an e-money institution. The group is also open to other banks joining the initiative.
The stablecoin aims “to create a European alternative to the stablecoin markets dominated by the US so far, thus contributing to Europe’s strategic autonomy in payments,” an official statement said.
Euro-Backed Stablecoin Push – Alternative to US-Dominated Market
According to the lenders, the new stablecoin will contribute to Europe’s strategic autonomy in payments, a joint release read.
It will also offer near-instant transactions at lower costs, enabling round-the-clock access to cross-border payments, digital asset settlements and more.
“We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards,” said Floris Lugt, Digital Assets lead at ING.
The move comes months after the MiCA regulations came into effect. In April, a report said that ING is preparing to launch a euro-denominated stablecoin with several other banks.
Meanwhile, France’s Société Générale’s crypto arm, SG FORGE, has already launched a euro-backed stablecoin on the Stellar blockchain. This week, the lender announced a partnership with Bullish Europe to launch the first U.S. dollar-pegged stablecoin – dubbed USD CoinVertible (USDCV) – listed under the MiCA.
Europe Ramps up Towards Wider Stablecoin Adoption
The global market is increasingly dominated by US dollar-based stablecoins, accounting for 99% of total stablecoin market cap.
According to the European Central Bank (ECB), euro-denominated stablecoins remain marginal – with market capitalisation of less than €350 million ($410 million).
Source: ECBAs a result, ECB President Christine Lagarde recently called for stricter rules on non-EU stablecoin issuers in order to close gaps in the MiCA framework.
Her remark follows mounting pressure to develop a digital euro after the United States came up with a comprehensive stablecoin bill – the GENIUS Act.
The post Nine Major Euro Banks Back MiCA-Regulated Stablecoin, Set to Launch in H2 2026 appeared first on Cryptonews.
