Nine EU Banks Form Consortium for Euro Stablecoin Under MiCA

A consortium of major banks, including ING, UniCredit, and CaixaBank, plans to issue a euro-denominated stablecoin under the EU's MiCA framework.
The stablecoin will enable near-instant, low-cost cross-border payments, programmable transfers, and settlement for securities and digital assets.
A new entity registered in the Netherlands will manage the project and seek authorization from the Dutch Central Bank as an e-money institution.
The first issuance is expected by late 2026, with potential participation from additional banks and appointment of a CEO pending approval.
The stablecoin is intended as a European alternative to dollar-based tokens, and banks may offer services like custody and wallets.
Floris Lugt from ING emphasized the importance of digital payments and industry-wide standards for euro-denominated market infrastructure.