While positive steps continue to be taken regarding the cryptocurrency sector in the European Union, an important move came from nine major banks. Nine European banks have formed a partnership to develop euro-based stablecoins, Bloomberg reported. A consortium of nine major European banks will begin developing a euro-based stablecoin in an effort to challenge the US dollar's dominance in the global market. At this point, it was stated that one of the main goals of the new stablecoin is to offer Europe a euro-backed stablecoin as an alternative to US dollar currencies and thus strengthen the region's strategic independence in payments. The group includes UniCredit, ING, DekaBank, Banca Sella, KBC Group, Danske Bank, SEB, CaixaBank and Raiffeisen International. The jointly issued stablecoin is targeted to be launched in the second half of 2026. The new stablecoin is designed to offer fast and low-cost payments and settlements both domestically and internationally. It will operate 24/7, providing businesses and individuals with constant access to efficient transactions. The consortium stated that the project aims to strengthen Europe's strategic autonomy in payments by offering a uniquely European alternative to the dollar-centric market. “The aim is to create a European alternative to the US-led stablecoin market and contribute to Europe's strategic autonomy in payments. We welcome the participation of other banks,” the consortium said. It was also stated that additional banks were invited to participate. *This is not investment advice. Continue Reading: Nine European Banks Take a Huge Step in the Cryptocurrency Sector!
