365Crypto
Big Banks Back a Euro Stablecoin
Nine major European banks are teaming up to launch a euro-pegged stablecoin that follows the EU’s MiCA rules. ING from the Netherlands and UniCredit from Italy are leading the charge. The new digital coin is expected to hit the market in late 2026.
Why It Matters for Europe
The stablecoin aims to become a trusted digital payment tool for Europe. It’s also designed as a counter to US-dominated stablecoins like USDT and USDC. This fits the EU’s push for “strategic autonomy” in payments — basically, Europe wants its own weapon in the digital finance arena.
Who’s Involved
The project unites banks from eight EU countries. Alongside ING and UniCredit, members include CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank, and Banca Sella. They’ve even set up a new company in the Netherlands to run the stablecoin. More banks may join later.
What It Can Do
The coin is planned to enable instant, low-cost payments across borders, working 24/7. It’s also designed for programmable payments, supply chain tracking, and settling trades in assets like stocks or crypto. In short, it could become a Swiss army knife for digital transactions.
Timing vs the Digital Euro
The European Central Bank is still debating its own digital euro, now delayed until at least 2029. Some critics joke that this private stablecoin looks like the “digital euro’s obituary.” Others think it could serve as a backdoor version of a central bank digital currency.
