EU Banks Plan New Euro Stablecoin Under MiCA Rules
Nine big European banks, including ING, UniCredit, Danske Bank, CaixaBank, SEB, Banca Sella, and KBC, have decided to work together on a new euro-backed stablecoin. Their goal is to give Europe its own strong digital currency and compete with US dollar-based stablecoins that are leading the market today.
To run this project, the banks have set up a company in the Netherlands. They will apply for a license from the Dutch central bank so the stablecoin can be used legally. A CEO will be chosen soon, and more banks may also join in the future.
The coin will follow the MiCA (Markets in Crypto-Assets) regulation, which is Europe’s new law for crypto. This ensures the project stays safe, transparent, and compliant. The launch is planned for the second half of 2026.
Right now, stablecoins like USDC and USDT are widely used in Europe. But some, like USDT, were removed from trading platforms because they did not follow MiCA rules. The new euro stablecoin aims to be a safe and trusted option for European users.
Impact:
The euro stablecoin might give Europe more control in the crypto market, could lower reliance on US-based coins, and possibly inspire other banks to start similar projects.