Nine major European banks — including ING, UniCredit, CaixaBank, KBC, SEB, Danske, DekaBank, Raiffeisen, and Banca Sella — have formed a consortium to launch a MiCA-compliant euro-backed stablecoin. The project aims to reduce the dominance of U.S. dollar–pegged stablecoins and strengthen Europe’s financial sovereignty. The new company will be based in the Netherlands and will seek licensing as an electronic money institution, with the stablecoin scheduled to go live in the second half of 2026.

The initiative is designed to enable fast, low-cost, 24/7 payments and on-chain settlement of digital assets, while aligning with the EU’s new MiCA regulatory framework. This positions traditional European banks as direct participants in digital finance, bridging legacy banking systems with blockchain infrastructure. To read more about this endeavor click here!