Nine leading European banks joined forces to issue a euro-pegged stablecoin that complies with MiCA requirements. The new digital payment instrument is scheduled to launch in H2 2026.
Nine major European banks — ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International — formed a consortium to issue a euro-pegged stablecoin. The digital payment tool will be fully compliant with the MiCA regulation and will become the first initiative of this scale in the European market.
According to the plan, the stablecoin will enable instant and low-cost cross-border payments around the clock, ensuring transparency and security through blockchain technology. It’ll be used for settlements in international trade, supply chains, as well as for operations with digital assets, from securities to cryptocurrencies.
The consortium already registered a new company in the Netherlands, which will be licensed and supervised by De Nederlandsche Bank (DNB) as an electronic money issuer. The asset’s launch is scheduled for H2 2026.
The project is seen as an alternative to the dominance of dollar-pegged stablecoins in the European market and as a step toward Europe’s strategic autonomy in digital payments. Individual participating banks will be able to offer additional services, including wallets for storing the stablecoin and custodial services.
“Digital payments are key for new financial market infrastructure. They offer significant efficiency and transparency, thanks to blockchain technology’s programmability features and 24/7 instant cross-currency settlement. We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards,” said Floris Lugt, Lead of Digital Assets at ING and joint public representative of the initiative.
Another project considered by the EU as a strategically necessary step to preserve monetary policy control, financial system stability, and monetary sovereignty amid digitalization and the rising popularity of stablecoins, is the introduction of the digital euro (CBDC).
