European Banks Launch Euro-Backed Stablecoin Under MiCA Regulations

Nine major European banks, including ING, Banca Sella, and UniCredit, have formed a consortium to launch a euro-backed stablecoin regulated under MiCA rules. The stablecoin aims to create a European alternative to US-dominated stablecoin markets and will be launched in H2 2026. It will offer near-instant transactions and lower costs, enabling round-the-clock access to cross-border payments, digital asset settlements, and more.

Nine major European banks, including ING, Banca Sella, and UniCredit, have formed a consortium to launch a euro-backed stablecoin regulated under MiCA (Markets in Crypto Assets) rules. The stablecoin aims to create a European alternative to the US-dominated stablecoin markets and is scheduled for launch in the second half of 2026 Nine Major Euro Banks Back MiCA-Regulated Stablecoin, Set to Launch in H2 2026^[1].

The initiative, led by the banks, includes ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. The consortium has formed a new company in the Netherlands to house the stablecoin project, aiming to seek an e-money issuer license from the Dutch Central Bank Nine Major European Banks Unite to Launch MiCA-Compliant Euro Stablecoin by 2026^[2].

The new euro stablecoin will leverage blockchain technology to offer near-instant transactions and lower costs, enabling round-the-clock access to cross-border payments, digital asset settlements, and more. The initiative is open to additional banking partners and aims to strengthen Europe's strategic autonomy in digital payments and boost its global position in the crypto ecosystem Nine Major European Banks Unite to Launch MiCA-Compliant Euro Stablecoin by 2026^[2].

The move comes amidst growing calls for stricter rules on non-EU stablecoin issuers and follows the recent implementation of MiCA regulations. The global stablecoin market is currently dominated by US dollar-based stablecoins, accounting for 99% of total market capitalization Nine Major Euro Banks Back MiCA-Regulated Stablecoin, Set to Launch in H2 2026^[1].

According to the European Central Bank (ECB), euro-denominated stablecoins remain marginal, with a market capitalization of less than €350 million ($410 million). The new euro stablecoin aims to provide Europe with an alternative to US-based stablecoins, reducing reliance on them and contributing to Europe's strategic autonomy in payments Nine Major Euro Banks Back MiCA-Regulated Stablecoin, Set to Launch in H2 2026^[1].

This initiative adds to the growing trend of European financial institutions exploring regulated stablecoins. European regulators are working to ensure that the EU remains competitive in the global digital finance market. The euro stablecoin marks a significant step forward in achieving this goal.