Nine major European lenders, including ING, UniCredit, CaixaBank, KBC, Danske Bank, DekaBank, Banca Sella, SEB, and Raiffeisen Bank International, have announced a consortium to issue a euro-denominated stablecoin.

The initiative will operate under the EU’s Markets in Crypto-Assets Regulation (MiCAR).

Banks Form Dutch Consortium for Euro Stablecoin

The group has formed a Dutch-based company that will apply for an e-money license supervised by the Dutch Central Bank. The stablecoin is expected to be issued in the second half of 2026. Subject to regulatory approval, a CEO will be appointed.

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The token is designed to provide instant, low-cost transactions, 24/7 cross-border payments, programmable settlement, and applications in digital assets and supply chain management. Banks may also offer wallets and custody services.

Strategic Context, Market Share, and Expert Views

The consortium seeks to create a European alternative to US dollar stablecoins, which dominate over 99% of the global market. The European Central Bank has warned that MiCA may be too lenient, while the European Commission is preparing to loosen rules, raising tension with regulators.

EU officials have also warned that unchecked US tokens could undermine euro stability.

Competition is rising. Société Générale’s Forge has already launched a euro stablecoin on Stellar and recently listed its dollar-pegged USDCV on Bullish Europe.