Nine European Banks To Launch Euro Stablecoin To Rival Tether, Circle
Nine European banks, including ING and UniCredit, plan to launch a euro stablecoin in a move that may challenge the dominance of Tether and Circle.
The new stablecoin will comply with the EU’s Markets in Crypto-Assets Regulation (MiCAR), which came into effect in June last year and has encouraged traditional banks to enter a space dominated by crypto companies.
The banks behind the venture also include Banca Sella, KBC, Danske Bank, DekaBank, SEB, CaixaBank, and Raiffeisen Bank International.
They aim to seek an electronic money institution licence from the Dutch central bank and invite other banks to participate. Launch is expected in the second half of 2026, giving it a head start over the European Central Bank’s plan for a “digital euro,” which is not expected until at least 2029.
“Digital payments are key for new euro-denominated payments and financial market infrastructure,” said Floris Lugt, digital assets lead at ING. ”They offer significant efficiency and transparency. We believe this development requires an industry-wide approach, and banks must adopt the same standards.”
Global Race To Dominate Stablecoins Accelerates
Europe’s banking giants are betting that a MiCA-compliant euro stablecoin will give the region a foothold in the fast-evolving market.
The move adds momentum to the global race to dominate stablecoins, where US issuers remain dominant, Hong Kong and Singapore are piloting new frameworks, and as central banks test their own digital currencies.
According to the banks, the stablecoin aims to offer near-real-time cross-border payments.
With regulatory changes already in place that have allowed the delisting of non-compliant tokens such as USDT from EU exchanges, the move represents a shift toward euro-pegged, MiCA-compliant stablecoins.
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