Citi teams up with EU lenders on MiCA-compliant euro stablecoin

Citigroup will join a group of nine European banking and lending institutions for a regulated Euro-based ￰0￱ bank will participate as part of its general effort to broaden blockchain ￰1￱ will join a consortium of nine European banks and lenders in a bid to launch a regulated Euro-based ￰2￱ expands its presence as part of its blockchain growth efforts, stated a Citi spokesperson for ￰3￱ Cryptopolitan previously reported , the drive to boost crypto regulations led European banks to explore the creation of a native ￰4￱ list of banks includes ING Group, UniCredit, and DeKa ￰5￱ supporters include Banca Sella, KBC Group NV, Danske Bank, Seb AB, CaixaBank SA, and Raiffeisen Bank International ￰6￱ group’s goal is managed by a newly created business entity in the Netherlands, with the goal of creating the token in the second half of ￰7￱ will be the only non-European bank to join the ￰8￱ aim is to challenge the US-dominated stablecoin market, which is practically ￰9￱ new asset will be MiCA-compliant and will further boost the mainstream adoption of on-chain technologies and digital ￰10￱ also participates in a group of banks including Goldman Sachs and Bank of America, also exploring various forms of digital ￰11￱ this week, Citi’s venture capital arm invested in stablecoin infrastructure company ￰12￱ stablecoin usage remains low While the Euro has been tokenized by multiple issuers, especially Circle, those tokens have a relatively low supply and limited ￰13￱ total, all EUR-based stablecoins have a market cap of around $561M , with about half the value locked in Circle’s ￰14￱ supply of Euro-based stablecoins is relatively low compared to dollarized assets, which now exceed $300B.

Demand for stablecoin payments is growing, as estimates see up to $50T in annual payments passing through stablecoins by ￰15￱ of 2025, stablecoins capture around 1% of consumer spending, expected to grow as high as 25% if the assets are regulated and ￰16￱ regulations in the USA and Europe have not killed stablecoins, and have created growth as there are clearer rules on ￰17￱ issuers are also creating demand for US T-bills, a cash-like asset used as ￰18￱ still grows on DeFi integration EURC tokens showed significant organic growth in the past year, up to over 260M ￰19￱ main use cases of stablecoins are for trading on centralized markets, as well as for DeFi ￰20￱ has participated in various DeFi apps, including yield and lending ￰21￱ was recently integrated with Stellar , another network used for a crossover between traditional and on-chain ￰22￱ token was among the fastest-growing stablecoins in the past ￰23￱ shift to Euro-based tokens was also tied to the recent weakness in the dollar position, using EURC as chain-based exposure to the stronger ￰24￱ inflow of funds into EURC reflects the overall strong position of Europe as a crypto adoption ￰25￱ your free seat in an exclusive crypto trading community - limited to 1,000 members.