Nine Major Euro Banks Back MiCA-Regulated Stablecoin, Set to Launch in H2 2026
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 contains ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International. The stablecoin will probably be regulated beneath the buying and selling block’s Markets in Crypto Assets (MiCA) rule.
Further, the banks have fashioned a brand new firm in the Netherlands to home the stablecoin undertaking. It goals to be licensed by the Dutch Central Bank as an e-money establishment. The group can be open to different banks becoming a member of the initiative.
The stablecoin goals “to create a European various to the stablecoin markets dominated by the US up to now, thus contributing to Europe’s strategic autonomy in funds,” an official assertion mentioned.
Euro-Backed Stablecoin Push – Alternative to US-Dominated Market
According to the lenders, the brand new stablecoin will contribute to Europe’s strategic autonomy in funds, a joint release learn.
It will even supply near-instant transactions at decrease prices, enabling round the clock entry to cross-border funds, digital asset settlements and extra.
“We consider this growth requires an industry-wide method, and it’s crucial that banks undertake the identical requirements,” mentioned Floris Lugt, Digital Assets lead at ING.
The transfer comes months after the MiCA regulations got here into impact. In April, a report said that ING is getting ready to launch a euro-denominated stablecoin with a number of different 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 introduced a partnership with Bullish Europe to launch the primary U.S. dollar-pegged stablecoin – dubbed USD CoinVertible (USDCV) – listed beneath the MiCA.
Europe Ramps up Towards Wider Stablecoin Adoption
The international market is more and more dominated by US dollar-based stablecoins, accounting for 99% of complete stablecoin market cap.
According to the European Central Bank (ECB), euro-denominated stablecoins stay marginal – with market capitalisation of less than €350 million ($410 million).
As a end result, ECB President Christine Lagarde lately called for stricter rules on non-EU stablecoin issuers in order to shut gaps in the MiCA framework.
Her comment follows mounting pressure to develop a digital euro after the United States got here up with a complete stablecoin invoice – the GENIUS Act.
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