European Banks Plan Stablecoin Launch by 2026

Nine leading European banks, including ING and UniCredit, plan to establish a euro-denominated stablecoin company in the Netherlands by 2026, regulated by MiCA guidelines.

This initiative could reshape the Eurozone’s digital payments landscape, potentially challenging existing stablecoin structures and boosting the euro’s role in cross-border transactions.

European Banks Forge Ahead with 2026 Stablecoin Rollout

The new company formed in the Netherlands by ING, Banca Sella, and others aims to issue a MiCA-regulated stablecoin by 2026. They will seek an electronic money institution license from the Dutch central bank and invite other banks to participate. This venture marks an effort to establish a pan-European digital payment standard.

The stablecoin seeks to offer low-cost, near-real-time cross-border payments and support digital asset settlement. The move represents a shift towards euro-pegged, MiCA-compliant stablecoins amidst regulatory changes already delisting non-compliant tokens such as USDT from EU exchanges.

“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.” — Floris Lugt, Digital Assets Lead, ING

Market Dynamics and Potential Euro Impact

Did you know? The recent initiative by European banks parallels Société Générale’s efforts with EURCV, which has approximately €42 million in circulation, highlighting a significant shift toward euro-backed digital assets in the EU.

According to CoinMarketCap, EURC has a market cap of $259.80 million, with a 24-hour trading volume of $42.09 million, marking a 27.52% decrease. Its price has experienced a 0.39% decline over the past 24 hours but remains largely stable over 90 days.

Coincu research suggests the impending stablecoin could reshape the EU payment landscape by potentially increasing the total value locked in euro-denominated tokens. Market shifts toward regulatory-compliant digital assets could increase demand for euro stablecoins, impacting euro-dominated tokens.