9 main european banks have joined forces to launch a euro-denominated stablecoin regulated underneath the buying and selling block’s Markets in Crypto Belongings regime (MiCA).
The banking giants concerned are: ING, Banca Sella, KBC, Danske Financial institution, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Financial institution Worldwide.
Earlier this 12 months, CoinDesk reported that Dutch financial institution ING was engaged on a stablecoin mission with another monetary establishments.
This digital fee instrument, leveraging blockchain expertise, goals to turn into a trusted European fee customary within the digital ecosystem, in response to a press launch on Thursday.
The initiative will present an actual European different to the US-dominated stablecoin market, contributing to Europe’s strategic autonomy in funds, the banks mentioned.
The stablecoin will present near-instant, low-cost transactions and allow 24/7 entry to environment friendly cross-border funds, programmable funds, and enhancements in provide chain administration and digital asset settlements, the banks mentioned in a joint assertion.
The MiCA-regulated stablecoin is predicted to be first issued within the second half of 2026.
The stablecoin consortium, with the aforementioned banks as founding members, has fashioned a brand new firm within the Netherlands, aiming to be licensed and supervised by the Dutch Central Financial institution as an e-money establishment. The consortium is open to further banks becoming a member of. A CEO is predicted to be appointed within the close to future, topic to regulatory approval.
Particular person banks will have the ability to present worth added providers, reminiscent of a stablecoin pockets and custody.
“Digital funds are key for brand spanking new euro-denominated funds and monetary market infrastructure. They provide important effectivity and transparency, because of blockchain expertise’s programmability options and 24/7 on the spot cross-currency settlement. We consider this growth requires an industry-wide method, and it is crucial that banks undertake the identical requirements,” mentioned Floris Lugt, digital property lead at ING and joint public consultant of the initiative.
