ING Bank Prepares too Launch Euro Stablecoin Amid MiCA Regulation
Europe’s MiCA regulation is paving teh way for major banks to enter the stablecoin market. dutch banking giant ING is reportedly gearing up to launch a Euro-based stablecoin. According to a CoinDesk report on April 22, ING is forming a consortium with other banks to develop this new digital currency.
While ING hasn’t officially commented, sources close to the matter confirm the project is in progress. However, regulatory approval is still pending, causing some delays. ING isn’t alone in this venture. Société Générale’s subsidiary, SG FORGE, has already launched its Euro-backed stablecoin on the Stellar network.
MiCA regulation sets strict rules for stablecoin issuance, pushing out big players like Tether. This creates an possibility for European banks to fill the gap. The European Central Bank’s (ECB) Central Bank Digital Currency (CBDC) is still awaiting approval, further opening the market for private solutions.
Although the ECB aims to launch the Digital Euro by October, it faces resistance from the European commission adn member states. simultaneously occurring, the U.S. is catching up with its STABLE Act, which regulates stablecoin issuance. visa is experimenting with stablecoins for card settlements, and World Liberty Financial has launched its USD1 stablecoin.
These developments highlight the growing interest in stablecoins as a solution for Europe’s fragmented payments network. With regulatory frameworks in place, banks like ING are poised to play a significant role in shaping the future of digital currencies.
