European Banks Plan Their Own Euro Stablecoin
Europe’s financial sector is preparing to enter a new era. Nine leading banks, led by UniCredit and ING, have announced the creation of a consortium with the goal of developing a euro-backed stablecoin – a digital currency designed to become a “trusted European payment standard.”
Consortium under the Dutch central bank
Alongside UniCredit and ING, the project also involves Banca Sella, KBC, Danske Bank, DekaBank, SEB, CaixaBank, and Raiffeisen Bank International. The banks have established a joint company in the Netherlands to manage the project and secure the necessary licenses. Oversight will be provided by the Dutch central bank, ING stated in a press release on Thursday.
MiCA regulation and launch in 2026
The planned stablecoin will fall under the MiCA (Markets in Crypto-Assets Regulation), which came fully into effect in the EU at the end of last year. MiCA harmonizes rules for crypto-asset issuers and service providers across the Union. The official launch of the stablecoin is scheduled for the second half of 2026.
According to the consortium, the project aims to secure Europe’s strategic autonomy in payments, an area currently dominated by American stablecoins such as USDT and USDC. The banks also promise that participating institutions will be able to offer additional services, such as digital wallets for the stablecoin or custody solutions.
American stablecoins still dominate
The stablecoin market is currently heavily skewed toward dollar-pegged tokens. According to data from The Block, the supply of USD-backed stablecoins reached $281.7 billion as of September 26, up from $272.3 billion at the start of the month.
Euro stablecoins, by contrast, make up only a fraction. On the Ethereum network, their total supply stood at €319.1 million, compared to €309.4 million at the beginning of September. Still, this represents gradual growth that the new project could significantly accelerate.
What will the euro stablecoin bring?
If the consortium succeeds, this could become the first truly robust European stablecoin, fully regulated and backed by major banks. It could increase trust among businesses and everyday users, paving the way for broader use of cryptocurrencies in daily payments.
Europe could thus reduce its reliance on American players and offer its own stable, regulated alternative.
Sources:
https://www.ing.com/Newsroom/News/Nine-major-European-banks-join-forces-to-issue-stablecoin.htm
https://www.theblock.co/data/stablecoins/non-usd-pegged/total-euro-stablecoin-supply