TL;DR
Nine leading European banks are joining forces to launch a euro-backed stablecoin under the MiCA regulatory framework, with a target launch in the second half of 2026.
The project will be managed through a new company established in the Netherlands and aims to secure licensing from the Dutch Central Bank.
This initiative is designed to reduce Europe’s reliance on US dollar-pegged stablecoins while enabling faster, more affordable digital transactions across borders.
The alliance, which includes ING, UniCredit, CaixaBank, Danske Bank, SEB, KBC, DekaBank, Banca Sella and Raiffeisen Bank International, represents one of the most ambitious moves yet to strengthen Europe’s position in digital finance. The project will issue a euro-denominated stablecoin regulated under the Markets in Crypto Assets framework. By creating a regulated digital currency backed by trusted institutions, the banks expect to address growing demand for secure on-chain payment solutions and foster long-term confidence in tokenized payments while encouraging broader adoption across industries.
European Banks Strengthen Digital Currency Landscape
The group has already formed a dedicated entity in the Netherlands to develop the stablecoin infrastructure. Licensing efforts are directed at obtaining approval from the Dutch Central Bank, which would classify the project as an e-money institution. This status could allow the stablecoin to operate seamlessly across the European Union, offering businesses and individuals a tool to settle digital asset transactions instantly, without the friction or cost of traditional intermediaries.
Proponents argue that the timing is favorable. MiCA has introduced a common rulebook for crypto assets, giving banks a clear legal pathway to participate in the sector. According to ING’s digital asset division, establishing consistent industry standards is essential for Europe to remain competitive. The stablecoin is expected to integrate with existing payment rails while also supporting innovations such as tokenized securities and blockchain-based trade finance.
Growing Momentum For Euro-Backed Stablecoins
The project follows Société Générale’s launch of EURCV, a euro-backed stablecoin already operating on blockchain infrastructure, and could accelerate institutional adoption of digital currencies in Europe. Analysts highlight that while dollar stablecoins account for over 99% of global supply, euro-denominated stablecoins have not yet gained significant market share.
Regulators, including the European Central Bank, see domestic initiatives as vital to safeguard monetary sovereignty. ECB President Christine Lagarde has stressed the importance of reducing dependence on non-EU issuers, a message that aligns with the vision behind this banking consortium. If successful, the initiative could provide Europe with a homegrown alternative that advances financial inclusion, supports blockchain innovation and promotes faster, more efficient commerce across borders, enterprises and digital ecosystems worldwide.