Nine European banks join forces to launch a euro stablecoin

This could be the start of a turning point for European digital finance. Nine banking institutions, including ING, UniCredit and CaixaBank, announced on Thursday the creation of a consortium to launch a MiCA-compliant euro stablecoin. The issue is planned for the second half of 2026, under the supervision of the Dutch Central Bank.

Until now, most euro bank stablecoin projects have been carried out in scattered order. Each institution worked on its own project, but came up against the same obstacle: distribution.

No bank had any interest in promoting a product developed by a competitor. With this consortium, ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International are breaking with this fragmented logic.

They have chosen to pool their efforts by creating a joint company in the Netherlands, which will apply for an e-money establishment licence. The initiative remains open to other establishments. "We believe that this development requires a collective approach. It is imperative that banks adopt the same standards," stressed Floris Lugt, head of digital assets at ING.

A European alternative to the dollar

The project aims to offer an alternative to dollar stablecoins, which currently dominate the market with almost 99.8% of outstandings.

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Banks say this future stablecoin will enable instant, low-cost payments, accessible 24/7, and will promote uses such as cross-border settlement, cash management, or supply chain automation thanks to the programmability of the blockchain.

The launch is expected to take place from 2026, still a long way off but in line with the momentum set in motion by the entry into force of the MiCA regulation in Europe.

Absence of French banks

What is striking is the absence of French banks in this round of financing. Société Générale, via its Forge subsidiary, was nevertheless a pioneer, launching the EUR CoinVertible as early as 2023, and preparing a stablecoin in dollars. But it has not joined this alliance, which essentially brings together medium-sized banks on a European scale.

This absence raises questions about the ability of French players to join a truly collective rationale, at a time when the battle to impose the euro in digital finance has only just begun.

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