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Nine big European banks have banded together to launch a euro-denominated stablecoin that fully complies with the European Union’s Markets in Crypto-Assets (MiCA) regulation.
This is a bold attempt to show that Europe is still in charge of its finances in the digital era. This project, which was announced on September 25, 2025, and is supported by big names like ING, UniCredit, and SEB, intends to develop a reliable, blockchain-based payment standard that can compete with the USD-pegged giants that control the $295 billion stablecoin industry.
The project may bring billions into cross-border payments, programmable finance, and supply chain efficiency. It could also operate 24/7 under strict EU supervision, since euro stablecoins now make up less than 0.3% of the world’s supply.
As MiCA goes into full effect, the consortium’s new Dutch company is asking De Nederlandsche Bank for an e-money institution license, with the goal of launching in mid-2026. This shows that TradFi is becoming more interested in blockchain, which might speed up the adoption of tokenized assets and make the crypto business less dependent on U.S.-based infrastructure during times of political unrest.
The Strongest Bank in Europe The original members are a mix of Europe’s biggest banks, including the Netherlands, Italy, Belgium, Denmark, Germany, Sweden, Spain, and Austria.
- ING (Netherlands): A digital bank with €1 trillion in assets that has been testing blockchain since 2016.
- Banca Sella (Italy): Its fintech branch is well-known for launching one of Europe’s first stablecoins in 2023.
- KBC (Belgium): A €300 billion asset manager with a substantial presence in both retail and corporate banking.
- Danske Bank (Denmark): A Nordic powerhouse that focuses on digital innovation and sustainable financing.
- DekaBank (Germany): The investment arm of German cooperatives with €350 billion, concentrating on institutional assets.
- UniCredit (Italy): A lender that works across Europe and has €1.1 trillion in assets. They also work with tokenized bonds.
- SEB (Sweden): A Nordic investment bank that manages €2.5 trillion in assets.
- CaixaBank (Spain): The third largest bank in Spain, with 15 million digital users.
- Raiffeisen Bank International (Austria) is the largest cooperative bank in Central and Eastern Europe, with 18 million customers.
These banks have set up a new firm in the Netherlands to handle issuing e-money. They are looking for a license under MiCA’s strict standards for reserves (1:1 euro backing), transparency, and compliance with anti-money laundering laws. The consortium is still open to new members, and the hiring of a CEO is waiting for regulatory approval. Individual banks can add services like stablecoin wallets and custody, which makes the system easy to use.
Floris Lugt, the Head of Digital Assets at ING and a spokeswoman for the consortium, stressed the need of working together: “Digital payments are key for the new euro ecosystem in financial market infrastructure.” Blockchain makes things more efficient, clear, and easy to settle across currencies right away. We think that all banks should follow the same rules and work together as an industry. People reacted quickly on X. @CryptoPietXRP called it “Europe’s answer to USDT,” while @AboutRWAs pointed out its potential for supply chains as a RWA.
A Strategic Response to the Dominance of USD Stablecoins
The initiative fixes a big problem: USD-pegged stablecoins like USDT ($172 billion) and USDC ($35 billion) make up 99.7% of the market, whereas euro variants only make up $620 million. With U.S. regulatory achievements like the GENIUS Act and changes in the world (such BRICS de-dollarization), Europe’s initiative encourages monetary independence, making it possible to make euro-denominated transactions without USD intermediaries.
Some of the most important features are:
- Low-Cost, Almost Instant Cross-Border Payments: Blockchain settles payments in seconds for less than a cent, while SWIFT takes days and charges 6%.
- All the time Availability: Operations that don’t stop, unlike regular banking hours.
- Programmable Payments: Smart contracts that make it possible to automatically pay for things like supply chain finance, invoice settlements, and tokenized securities.
- On-chain audits for reserves improve transparency and efficiency by lowering the risk of fraud and making digital assets work better together.
The stablecoin is set to be issued in the second half of 2026. According to ECB projections, it may connect with Europe’s €14 trillion payments system and support RWAs like tokenized bonds, building on UniCredit’s €100 million trial. Fiona Melrose, who is in charge of group strategy at UniCredit, said, “We believe that working together will make Europe stronger.”
Following MiCA: How Europe’s Regulatory Blueprint Works
Since December 2024, MiCA has been fully enforced and provides the legal framework: Issuers must have 1:1 liquid reserves, be audited, and limit their non-euro exposures to 20% to keep things stable after Terra’s 2022 collapse. The Dutch company will be overseen by De Nederlandsche Bank, which will allow for easy expansion across the EU. In the U.S., on the other hand, stablecoins have to deal with different rules in each state.
The consortium’s method lowers risks: Collective reserves set aside money for audits, and open membership makes it possible for the group to grow. Early examples, such Société Générale’s €56 million euro stablecoin (introduced in 2023), show that it is possible, although only 0.2% of USD counterparts have adopted it. ECB officials think it’s important for the integrity of the eurozone and might be linked to the digital euro CBDC by 2028.
What it means for the market: A Boost for Digital Finance in the Eurozone
According to BCG, this launch could speed up the growth of Europe’s $1 trillion tokenized asset market by 2030 by allowing programmable euro flows for DeFi and RWAs, which would cut costs by 80% across borders. It gives banks new ways to make money: ING expects to make €500 million in fees just from programmable payments. Crypto exchanges like Binance may list it, which would make it easier to buy and sell.
There are still problems: The low adoption of the euro stablecoin (0.3% market share) means that promotion is needed, and Circle’s EURC is a threat. On X, @Venga_App asked if it would be a major competitor: “Will this be a serious rival?”—starting arguments on MiCA’s advantages versus U.S. fragmentation.
Some of the bigger effects are stronger linkages between the EU and the US through shared standards, possibly through G20 frameworks, and protection from the dollar’s volatility during the 10% decrease in the DXY in 2025.
Conclusion
The euro stablecoin from the nine-bank consortium, which includes ING, UniCredit, and others, represents a turning point for MiCA. It aims to be issued in H2 2026 and will allow for instant, programmable payments and fight USD dominance. It encourages openness, efficiency, and inclusion by bringing together resources under a Dutch e-money institution. This might free up €1 trillion in tokenized flows. Lugt wants “uniform standards across banks,” and this project could change Europe’s digital finance by combining the trust of traditional finance with the speed of blockchain. It’s a euro renaissance for the $295 billion stablecoin market. Look for licensing nods and adoption numbers to see if it really does challenge Tether’s reign.
