European Banks To Launch Joint Stablecoin Venture
European Banks To Launch Joint Stablecoin Venture. Photo By Christian Lue On Unsplash.
ING has announced that European banks are set to launch their own stablecoin initative and issue a Euro-denominated stablecoin, according to their newsroom.
The nine banks, include ING Bank, Banca Sella, CaixaBank, Danske Bank, DekaBank, KBC, Raiffeisen Bank International, SEB and UniCredit. This will be in line with the current European crypto and stablecoin framework MICA and aimed to be launched in Q3/Q4 of 2026, with the collective to act as founding members of a new entity to be regulated by the Dutch Central Bank.
Digital Assets Lead at ING Floris Lugt expressed:
"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."
This comes at a time when there are deep concerns across European state members that the dollar alternative is the majority backed currency used for most stablecoins available on the market today and a strong attempt to innovate the financial landscape in EU.
Note: This is intended for informational purposes only and does not in any way constitute or solicit financial, professional, or legal advice. Readers should conduct their own due diligence at all times.
This article has been partly researched and aggregated with the help of AI and does not pertain to be an exclusive story unless marked as such. For specific sources referenced, please find it below.
