Nine European Banks to Launch Euro Stablecoin by 2026
- A consortium of nine banks, including ING, UniCredit, and CaixaBank, plans to issue a Euro-denominated stablecoin.
- The stablecoin will comply with the MiCA Regulation and is expected to launch in the second half of 2026.
- The consortium has filed for an e-money institution license with the Dutch Central Bank.
- This initiative aims to provide a regulated solution for on-chain payments and challenge the US-dominated stablecoin market.
- Top Euro-pegged stablecoins include EURC, STASIS EURO, and Tether EURT, with Circle’s EURC leading at $259.7 million market cap.
The formation of this bank consortium highlights Europe’s push for strategic autonomy in digital payments amidst growing adoption of USD stablecoins in the region. The new Euro stablecoin is set to enhance payment standards while providing additional services like custody and wallets.
With over $600 billion in assets managed collectively by these banks, this initiative signifies a major step towards establishing a trusted digital payment ecosystem in Europe.(Source)
