Nine EU Banks Plan MiCA-Regulated Euro Stablecoin

ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International have formed a consortium to issue a euro-denominated stablecoin under the EU’s MiCA ￰0￱ coin will run on blockchain and target near-instant, low-cost cross-border payments, programmable transfers, and settlement for securities and digital assets. A new entity has been registered in the Netherlands to manage the ￰1￱ will seek authorization from the Dutch Central Bank as an e-money ￰2￱ issuance is expected in late ￰3￱ banks may join, and a CEO will be appointed subject to ￰4￱ consortium positions the stablecoin as a European alternative to dollar-based ￰5￱ may add services such as custody and wallets.

“Digital payments are central to euro-denominated market infrastructure. Industry-wide standards are essential,” said Floris Lugt, Digital Assets lead at ING.