European Banks Plan Euro Stablecoin for 2026
Nine major European banks are set to launch a euro-backed stablecoin by late 2026. This move aims to keep pace with U.S. banks,which are also exploring stablecoins.
The banks, including ING and UniCredit, have created a new company in the Netherlands. This company will handle the stablecoin’s launch. The goal is to provide a reliable digital payment tool using blockchain technology.
The stablecoin will comply with the EU’s Markets in Crypto-Assets Regulation (MiCA). MiCA, effective as december 2024, ensures strict rules for stablecoins. the new company seeks an e-money license from the Dutch Central Bank.
U.S. banks are advancing with dollar-backed stablecoins following the GENIUS Act. European banks want to balance this with a regulated euro stablecoin.
Floris lugt, digital assets lead at ING, highlighted the benefits. “digital payments enhance efficiency and transparency. Thay offer 24/7 instant cross-currency settlement. Banks must adopt common standards for this to work.”
Key banks involved are:
- ING
- unicredit
- Danske Bank
- CaixaBank
- Banca Sella
- DekaBank
- SEB
- Raiffeisen Bank International
This initiative shows Europe’s commitment to staying competitive in the digital currency race.
