Dutch Bank ING Developing Stablecoin with Other Financial Institutions
Dutch bank ING is developing a stablecoin, leveraging Europe's new cryptocurrency regulations. Key points include:
- Project may involve collaboration with other banks and crypto service providers.
- Progress is slow due to the need for board approvals from multiple banks.
- Europe’s Markets in Crypto Assets (MiCA) regime mandates authorization for stablecoin issuers and promotes euro-denominated stablecoins.
- MiCA rules require significant reserves held in EU-based banks.
- ING's entry into the stablecoin market could challenge Société Générale, which has already launched its own euro stablecoin.