September 29, 2025
By Tsering Namgyal
A stablecoin in euros that complies with MiCAR has been launched by ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. By utilizing blockchain technology, this digital payment tool seeks to establish itself as a reliable European payment standard inside the digital economy.
Nearly instantaneous, inexpensive payments and settlements will be possible with the stablecoin. It will facilitate round-the-clock access to programmable payments, effective cross-border payments, supply chain management enhancements, and digital asset settlements, ranging from securities to cryptocurrencies.
The stablecoin is anticipated to be initially released in the second half of 2026 and will be governed by the EU’s Markets in Crypto-Assets Regulation (MiCAR). With the aforementioned banks as founding members, the stablecoin consortium established a new company in the Netherlands with the goal of obtaining an e-money institution license and supervision from the Dutch Central Bank. Other banks are welcome to join the group. Subject to regulatory approval, a CEO appointment is anticipated soon.
The project will support Europe’s strategic payment autonomy by offering a genuine European substitute for the US-dominated stablecoin industry. A stablecoin wallet and custody are examples of value-added services that individual banks will be able to offer.
“The architecture of the financial markets and new euro-denominated payments depend on digital payments. Because of blockchain technology’s programmability capabilities and round-the-clock rapid cross-currency settlement, they provide a great deal of efficiency and transparency. Floris Lugt, ING’s Digital Assets lead and the initiative’s joint public spokesperson, says, “We think this development calls for an industry-wide approach, and it’s imperative that banks adopt the same standards.”
