Nine major European banks join forces to issue stablecoin

ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International (RBI) – have joined  forces to launch a MiCAR-compliant euro-denominated stablecoin. This digital payment instrument, leveraging blockchain technology, aims to become a trusted European payment standard inthe digital ecosystem. 

The stablecoin will provide near-instant, low-cost payments and settlements. It will enable 24/7 access to efficient cross-border payments, programmable payments, and improvements in supply chain management and digital asset settlements, which
can vary from securities to cryptocurrencies. 

The stablecoin will be regulated by EU's "Markets in Crypto-Assets Regulation" (MiCAR), and is expected to be first issued in the second half of 2026. The stablecoin consortium, with the aforementioned banks as founding members, has formed a new company in the Netherlands, aiming to be licensed and supervised by the Dutch Central Bank as an e-money institution. The consortium is open to additional banks joining. A CEO is expected to be appointed in the near future, subject to regulatory approval. 

The initiative will provide a real European alternative to the US-dominated stablecoin market, contributing to Europe's strategic autonomy in payments. Individual banks will be able to provide value added services, such as a stablecoin wallet and custody.   

"Stablecoins are an important pillar of our digital asset strategy. We believe they have the potential to transform internal processes and offer our customers faster and more cost-effective transactions and payment options. We joined the consortium because we are convinced of the advantages of a multi-bank approach to issuing stablecoins. By leveraging our networks, pooling resources, distributing risk, and improving liquidity, we can create an ecosystem that capitalizes on the opportunities
offered by the European MiCAR," said RBI CEO Johann Strobl.