Nine European Banks to Launch MiCA-Compliant Euro Stablecoin

Nine leading European banks have joined forces to create a euro-denominated stablecoin under the Markets in Crypto Assets (MiCA) regulation. The euro stablecoin launch aims to provide Europe with a trusted digital payment instrument that competes with U.S.-dominated stablecoins. The banks involved include ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. The new currency, expected in the second half of 2026, will be issued by a newly formed company in the Netherlands and supervised by the Dutch Central Bank.

This marks a milestone for Europe as it strives to strengthen its digital financial infrastructure and reduce reliance on foreign players.

Consortium of Major Banks

The decision of nine major banks to collaborate shows how Europe is uniting to drive innovation in digital finance. Each institution brings its own expertise, client base, and infrastructure. By joining together, they aim to scale faster and ensure wide adoption.

The consortium has already set up a new Dutch-based company to issue the stablecoin. By seeking licensing as an e-money institution, the group signals its commitment to full compliance with MiCA standards. This will allow the stablecoin to operate legally across the EU while ensuring transparency, consumer protection, and financial stability.

MiCA Regulation and Strategic Autonomy

The MiCA regulation, which came into force in 2024, is Europe’s framework for supervising digital assets. It sets out strict rules for stablecoins, including requirements for reserves, audits, and governance.

With this euro stablecoin, Europe is not just following global trends but also creating its own path. The banks emphasize that the project will provide a “real European alternative” to U.S. stablecoins such as USDC and USDT. This effort supports the EU’s goal of strategic autonomy in payments, reducing dependence on non-European providers.

Benefits of the Euro Stablecoin

The consortium highlights several advantages of the planned euro stablecoin:

• Near-instant transactions: Payments can settle in seconds, both domestically and across borders.

• Low cost: Transaction fees are expected to be much lower than traditional systems.

• 24/7 access: Users can send and receive money anytime, even outside banking hours.

• Programmable payments: The stablecoin can be used in smart contracts, supply chain management, and automated settlements.

• Digital asset integration: It will enable smoother settlement for tokenized securities and other blockchain-based assets.

Because of these features, the stablecoin could become a trusted European payment standard in the digital economy.

Broader Context: Competition in Europe

This initiative follows earlier moves by other European banks. For example, SocGen’s Forge subsidiary recently launched a euro stablecoin under MiCA.

The entry of nine more banks now increases competition in the European digital asset space. Instead of fragmented projects, Europe is seeing the rise of large, coordinated efforts with the potential to rival American stablecoins.

Future Outlook

The euro stablecoin project will undergo licensing and regulatory checks before its launch in late 2026. Until then, the consortium will focus on building the technical infrastructure, securing reserves, and ensuring smooth integration with Europe’s payment networks.

If successful, this initiative could redefine how digital money works in Europe. It will boost innovation while giving citizens and businesses a safe and regulated alternative to foreign stablecoins.

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