The Consortium Behind the Vision
This Euro-backed digital coin will be made to fully follow the European Union’s Markets in Crypto-Assets Regulation (MiCA).
The group leading this project includes ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. Each of these banks serves millions of customers and manages more than $600 billion in assets individually. Together, they have formed a new company to oversee the development of the Euro stablecoin.
As announced, the group has applied for an e-money license with the Dutch Central Bank in preparation for the launch. If it is approved, the Euro stablecoin will go live in the second half of 2026.
The nine founding banks are also open to growth. They said more institutions could be invited to join in the future, helping the project expand its reach and influence. A CEO will also be named once the regulators give their approval.
Euro Stablecoin Set to Transform Digital Payments in Europe
The Euro stablecoin is meant to be more than just another digital coin. It is designed to become a trusted payment tool for Europe’s digital economy, making cross-border transactions faster, safer, and more transparent.
The Euro stablecoin will make payments faster and easier. It will also push banks to offer new services like wallets, custody, and connections to digital asset platforms. The need for these services has grown quickly since MiCA rules came into full effect in December last year.
Stablecoins make payments almost instant and low-cost, working around the clock. They can also be used for cross-border transfers, programmable payments, supply chain tracking, and digital asset settlements. Banks like Deutsche Bank, ING, and BBVA are already showing strong interest, viewing these tools as key to modernizing finance.
European Banks Gear Up to Challenge Dollar Stablecoin Dominance
Right now, the most used Euro stablecoins are EURC, STASIS EURO, EUR CoinVertible, and Tether EURT. Circle’s EURC is the biggest, with a market value of $259.7 million. However, with nine major banks working on a MiCA-approved option, the balance in Europe could soon change.
Dollar stablecoins still lead the global market, and their use in Europe keeps growing. By creating a Euro stablecoin under MiCA, European banks want to regain ground and depend less on foreign digital coins.
Ripple has also entered Europe through Luxembourg with its RLUSD stablecoin, showing that competition is rising. All of these point to a stronger push to challenge the U.S. dollar stablecoins, which already dominate across Europe.
The post 9 EU Banking Giants Unite to Launch MiCA-Compliant Euro Stablecoin appeared first on BitcoinLinux.com.
Go to Source
Author: coinmaker