Dutch banking giant ING is reportedly preparing to launch a euro-denominated stablecoin, marking a potential new entrant into Europe’s growing regulated digital asset space.
According to a report by CoinDesk on April 22, ING is collaborating with several other banks to form a consortium that will develop and issue the stablecoin.
ING Eyes Euro Stablecoin as Part of EU Bank Consortium
The project is still in its early stages, and progress has been slow. Two people familiar with the matter said that multiple banks involved in the initiative are still awaiting board approvals and regulatory clearance to set up a joint entity. ING declined to comment on the development.
“ING is working on a stablecoin project with a few other banks,” one source said. “It’s moving slow as multiple banks need board approval to set up a joint entity.”
The reported move comes as the Markets in Crypto-Assets (MiCA) regulation in the European Union begins to reshape how stablecoins are issued and managed within the region.
MiCA, which came into force last year, requires stablecoin issuers to obtain licenses and hold reserves within European banks while encouraging the creation of euro-backed digital currencies.
ING’s entry into the stablecoin sector would not be the first by a European financial institution. France’s Société Générale, through its digital asset division SG FORGE, has already launched a euro-backed stablecoin on the Stellar blockchain.
That move made Société Générale the first major European bank to offer such a product.
ING’s initiative appears to align with a more expansive trend of traditional financial institutions exploring tokenized money and blockchain-based financial services, now that MiCA provides a clearer regulatory framework.
While most stablecoins currently in circulation are tied to the U.S. dollar, the regulation has pushed euro-denominated alternatives into the spotlight.
A note from JPMorgan earlier this year suggested that MiCA’s requirements have already helped strengthen compliant offerings, such as Circle’s EURC, over more opaque competitors, such as Tether.
If ING proceeds with its stablecoin launch, it would establish a growing confidence among European banks in the viability of digital assets that meet regulatory standards.
It would also increase competition in a space currently led by Société Générale, adding momentum to the development of euro-based stablecoins as banks adapt to MiCA’s framework.
Global Banks and Crypto Firms Eye Stablecoin Infrastructure as ING Enters the Race Under MiCA
As ING prepares for the launch of a euro stablecoin, major players across both traditional and digital finance are aligning with the shifting regulatory landscape in Europe and the U.S.
The EU’s MiCA regulation, which introduces strict requirements for stablecoin issuance, has already pushed major players like Tether out of the euro-denominated space.
ING’s entry shows a growing trend among European banks to step into the stablecoin void, especially as the European Central Bank’s digital euro project faces delays and skepticism from some member states.
At the same time, stablecoin infrastructure is evolving beyond national borders. Circle recently unveiled the Circle Payments Network (CPN), a global platform designed to connect banks and fintechs for real-time, cross-border payments using USDC and EURC.
The system promises faster settlement, lower costs, and compliance-ready operations through the use of smart contracts and 24/7 stablecoin rails.
Circle is working with top banks, including Deutsche Bank, Santander, and Société Générale, some of the same institutions that are now exploring euro stablecoin frameworks under MiCA.
With both regulatory momentum and tech innovation accelerating, ING’s move appears to be part of a larger shift as financial institutions reposition for a stablecoin-driven future in 2025.
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