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No less than nine leading European banks have teamed up to issue a euro-pegged stablecoin in a space dominated by U.S. dollar-pegged digital currencies. Participants say their project aims to provide a European alternative and boost the Old Continent’s autonomy in payments, a matter of strategic importance for Brussels and Frankfurt. European banks set out to offer a stablecoin Nine banking institutions, including some of Europe’s largest – ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank – have joined forces to create a new stablecoin. The digital currency will be blockchain-based and denominated in euro, the Eurozone’s common fiat, one of them highlighted in a press release on Thursday, elaborating: “This digital payment instrument, leveraging blockchain technology, aims to become a trusted European payment standard in the digital ecosystem.” The bank-issued cryptocurrency will be compliant with the European Union’s new Markets in Crypto Assets (MiCA) regulation, Danske Bank emphasized in the announcement. The stablecoin will provide near-instant, low-cost payments and settlements, including round-the-clock access to cross-border and programmable payments, Denmark’s largest bank detailed. It will help improve supply chain management and digital asset settlements, taking into account the specifics of cryptocurrencies and securities, added the Danish giant, which is a major retail bank across Northern Europe. Euro stablecoin to be issued next year The consortium behind the European stablecoin project has registered a new company in the Netherlands, which will apply for a license as an e-money institution under the supervision of the country’s monetary authority. The founding members indicated they are open to accepting other banks in the consortium, which is yet to appoint a CEO of the Dutch-based entity, pending regulatory approval. The stablecoin is expected to be first issued in the second half of 2026, Danske Bank unveiled. It also stressed: “The…

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Filed under: News - @ September 25, 2025 12:30 pm