Major European banks, including ING, UniCredit, Danske Bank, and CaixaBank, have announced plans to launch a Euro-pegged stablecoin under the EU’s MiCA framework.
By Bhushan Akolkar
Editor Hamza Tariq
Updated
3 mins read
Some of the major European banking institutions announced plans to launch a euro-pegged stablecoin under the European Union’s Markets in Crypto-Assets (MiCA) framework.
Banking giants like ING, Danske Bank, UniCredit, CaixaBank, have joined hands for this stablecoin initiative.
On September 25, Dutch lender ING released a joint statement from the banking consortium regarding the Euro stablecoin project.
The stablecoin is designed to comply with MiCA regulations and is expected to be issued in the second half of 2026.
This recent push for a euro-backed stablecoin comes as French bank Société Générale’s Forge subsidiary announced that its USD-backed stablecoin, USDCV, will debut on Bullish Europe as its initial listing venue.
The initiative by leading European banks aims to create a trusted European payment standard within the digital ecosystem. It also aligns with the EU’s broader goal of providing a local alternative to US-dominated stablecoins while strengthening Europe’s strategic autonomy in payments.
The founding banks have also set up a new company based in the Netherlands, ING’s home country.
This entity will manage and oversee the development of the stablecoin. Speaking on the development, Floris Lugt, digital assets lead at ING, said:
“Digital payments are key for new euro-denominated payments and financial market infrastructure. They offer significant efficiency and transparency, thanks to blockchain technology’s programmability features and 24/7 instant cross-currency settlement. We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards.”
ING stated that the planned euro stablecoin is designed to enable “near-instant, low-cost payments and settlements.” It will provide round-the-clock access for cross-border transactions
The euro stablecoin will also support programmable payments and improve processes for supply chain management and digital asset settlement. It will cover assets ranging from securities to cryptocurrencies.
The announcement of a joint stablecoin initiative by major European banks comes as European Central Bank Executive Board member Piero Cipollone projected that the EU’s digital euro could be launched by 2029.
This is in contrast to the early 2025 development, which showed that the bank is pitching Digital Euro in answer to Trump’s stablecoin push.
Cipollone said the European Parliament is expected to present a general framework for the proposed central bank digital currency (CBDC) by May 2026.
Given the slow progress of the EU’s CBDC, under discussion since 2020, some commentators online have described the new stablecoin launch as a potential “digital euro obituary.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
