Nine European Banks Collaborate to Launch MiCA-Regulated Euro Stablecoin
Nine major European banks have announced the launch of a euro-denominated stablecoin, regulated under the MiCA framework. The participating banks include ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International.
- The stablecoin aims to become a trusted European payment standard.
- It seeks to provide an alternative to the US-dominated stablecoin market, promoting Europe's autonomy in digital payments.
- Benefits include near-instant, low-cost transactions, 24/7 access, programmable payments, and improved supply chain management and asset settlements.
- The stablecoin is expected to be issued in the second half of 2026.
- A new company has been formed in the Netherlands for this initiative, aiming for licensing by the Dutch Central Bank as an e-money institution.
- Additional banks can join the consortium, and a CEO will be appointed soon, pending regulatory approval.
- Banks may offer value-added services like a stablecoin wallet and custody solutions.
The initiative emphasizes the importance of an industry-wide approach to adopting standardized digital payments. The move reflects a strategic shift towards enhancing efficiency and transparency in financial market infrastructure through blockchain technology.