#StablecoinPayments Dutch banking giant ING is preparing to launch a Euro-backed stablecoin, marking a bold step into the digital currency space. The move comes as the EU’s MiCA regulation creates a clear framework for stablecoin issuance, prompting major European banks to explore new roles in crypto finance.

According to CoinDesk, ING is forming a consortium with other banks to develop this stablecoin. Though details are still under wraps and regulatory approval is pending, the groundwork is already in motion.

This isn’t the first time a major European bank has entered the space. Société Générale’s SG FORGE launched its own Euro stablecoin earlier on the Stellar blockchain. With MiCA pushing out unregulated competitors like Tether, banks now have room to innovate securely.

The EU’s official Digital Euro is still in limbo, awaiting political consensus. Until then, banks like ING are moving to fill the gap with private alternatives that meet MiCA’s strict compliance requirements.

Meanwhile, in the U.S., lawmakers are advancing the STABLE Act to tighten oversight on stablecoin issuance. Global finance is converging around new rules — and banks are racing to catch up.