Quick Breakdown:
- Nine top European banks plan a MiCA-regulated euro stablecoin to rival US tokens.
- Launch targeted for late 2026 with instant, low-cost cross-border payments.
- A Dutch firm will manage licensing and stablecoin operations.
Nine of Europe’s leading financial institutions have formed a consortium to develop a euro-denominated stablecoin regulated under the European Union’s Markets in Crypto Assets (MiCA) framework. The initiative, announced Thursday, aims to create a trusted digital payment standard that strengthens Europe’s strategic autonomy in the global stablecoin market.
The founding members include ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International. The group has incorporated a new company in the Netherlands that plans to seek licensing and supervision from the Dutch Central Bank as an e-money institution. A chief executive will be appointed once regulatory approvals are secured, and the consortium remains open to additional banking partners.
Nine European banks have joined forces to develop a euro-based stablecoin, as they seek to establish an alternative in a US dollar-dominated market https://t.co/inhBeKRFR7
— Bloomberg (@business) September 25, 2025
Targeting U.S. stablecoin dominance
The banks said the project is designed to provide a “real European alternative” to the U.S.-led stablecoin market. By leveraging blockchain technology, the digital euro token will enable near-instant, low-cost transactions, 24/7 cross-border payments, programmable payment features, and more efficient digital asset settlements. The stablecoin is scheduled for its first issuance in the second half of 2026.
Industry-wide standards and services
Floris Lugt, digital assets lead at ING and public representative of the initiative, stressed the need for a unified banking approach to digital payments. Participating banks will be able to offer value-added services such as stablecoin wallets and custody solutions once the coin goes live.
The move follows similar efforts across Europe, including French bank SocGen’s recent MiCA-compliant euro stablecoin launch, signaling a broader shift toward regulated blockchain-based payment infrastructure within the EU.
Broader regulatory context
The initiative comes as the Bank of England considers imposing ownership caps of £10,000–£20,000 for individuals and £10 million for businesses on systemic stablecoins widely used for payments in Britain. The BoE argues such restrictions are necessary to protect financial stability and limit large deposit outflows from traditional banks as stablecoin adoption accelerates.
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