A significant step towards enhancing Europe's digital payment autonomy is underway as a consortium of nine prominent European banks, including CaixaBank, ING, and UniCredit, has announced plans to develop a new euro-backed stablecoin. This ambitious initiative aims to offer a robust European alternative in the rapidly evolving digital currency landscape, challenging the current dominance of dollar-pegged stablecoins.
A Unified European Digital Payment Vision
The consortium's primary objective is to forge a sovereign European solution for digital payments, aligning with the region's strategic goal of fostering greater self-reliance. This new stablecoin will operate under the European Union's comprehensive Markets in Crypto-Assets (MiCA) Regulation, ensuring a secure and regulated framework. With an anticipated issuance in the second half of 2026, the project underscores a collective commitment from major financial institutions to embrace and shape the future of digital finance within Europe.
Enhancing Payment Capabilities and Scope
Designed for efficiency and accessibility, the stablecoin promises instant, low-cost, and 24/7 availability for digital payments, overcoming the limitations of traditional banking hours. Its utility is broad, encompassing seamless cross-border transactions, programmable payments, optimized supply chain operations, and the streamlined settlement of various digital assets, including securities and cryptocurrencies. To facilitate this venture, the founding banks have established a dedicated entity in the Netherlands, which will pursue licensing as an electronic money institution under the supervision of the Dutch Central Bank, ensuring adherence to stringent regulatory standards and fostering a secure digital payment ecosystem across Europe.
