ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International have formed a consortium to issue a euro-denominated stablecoin under the EU’s MiCA framework. The coin will run on blockchain and target near-instant, low-cost cross-border payments, programmable transfers, and settlement for securities and digital assets. A new entity has been registered in the Netherlands to manage the project. It will seek authorization from the Dutch Central Bank as an e-money institution. First issuance is expected in late 2026. More banks may join, and a CEO will be appointed subject to approval. The consortium positions the stablecoin as a European alternative to dollar-based tokens. Banks may add services such as custody and wallets. “Digital payments are central to euro-denominated market infrastructure. Industry-wide standards are essential,” said Floris Lugt, Digital Assets lead at ING.
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