A powerful consortium of nine major European banks is charting a new course in digital finance with the announcement of a euro-pegged stablecoin, meticulously designed to comply with the European MiCA regulatory framework. This strategic initiative aims to forge a reliable European digital payment standard, fostering the EU's strategic autonomy in the burgeoning digital economy.
A Unified European Vision for Digital Payments
The ambitious project brings together financial powerhouses such as ING, UniCredit, CaixaBank, and Danske Bank, representing eight EU member states. These founding members have established a new company in the Netherlands to oversee the stablecoin's development and management. Slated for issuance in the second half of 2026, the stablecoin is positioned as a direct European alternative to the predominantly U.S.-dominated stablecoin market, aligning with the EU's broader goal of localizing its digital payment infrastructure. The consortium remains open to additional banks joining this pioneering venture.
Unlocking New Capabilities and Efficiency
This forthcoming euro stablecoin promises to revolutionize digital transactions by enabling nearly instantaneous and low-cost payments and settlements. It will facilitate 24/7 access to crucial cross-border payments, alongside offering advanced features like programmable payments and significant improvements in supply chain management and digital asset settlement across various asset classes. Floris Lugt, Head of Digital Assets at ING, emphasized the necessity of a unified, sectoral approach for new euro-denominated payments, underscoring the imperative for banks to adopt common standards to drive this development forward. The initiative's timely appearance also provides a potential solution in the interim, as the official EU Digital Euro is not expected to materialize until 2029.
