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9 European banks, together with ING and UniCredit, plan to launch a euro stablecoin in a transfer which will problem the dominance of Tether and Circle.
The brand new stablecoin will adjust to the EU’s Markets in Crypto-Property Regulation (MiCAR), which got here into impact in June final 12 months and has inspired conventional banks to enter an area dominated by crypto firms.
The banks behind the enterprise additionally embrace Banca Sella, KBC, Danske Financial institution, DekaBank, SEB, CaixaBank, and Raiffeisen Financial institution Worldwide.
BREAKING: 🇪🇺 NINE MAJOR EUROPEAN BANKS TO LAUNCH A MICA COMPLIANT EURO STABLECOIN. pic.twitter.com/OjvolddNNo
— Ash Crypto (@Ashcryptoreal) September 25, 2025
They goal to hunt an digital cash establishment licence from the Dutch central financial institution and invite different banks to take part. Launch is anticipated within the second half of 2026, giving it a head begin over the European Central Financial institution’s plan for a “digital euro,” which isn’t anticipated till at the very least 2029.
“Digital funds are key for brand spanking new euro-denominated funds and monetary market infrastructure,” mentioned Floris Lugt, digital property lead at ING. ”They provide vital effectivity and transparency. We imagine this improvement requires an industry-wide method, and banks should undertake the identical requirements.”
International Race To Dominate Stablecoins Accelerates
Europe’s banking giants are betting {that a} MiCA-compliant euro stablecoin will give the area a foothold within the fast-evolving market.
The transfer provides momentum to the worldwide race to dominate stablecoins, the place US issuers stay dominant, Hong Kong and Singapore are piloting new frameworks, and as central banks take a look at their very own digital currencies.
In response to the banks, the stablecoin goals to supply near-real-time cross-border funds.
With regulatory modifications already in place which have allowed the delisting of non-compliant tokens comparable to USDT from EU exchanges, the transfer represents a shift towards euro-pegged, MiCA-compliant stablecoins.
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