Stablecoin issuance is going mainstream as 9 leading European banks joined forces to issue a MiCA Regulation-compliant Euro-denominated stablecoin next year. This stablecoin consortium includes ING, UniCredit, and CaixaBank having a massive user base and managing more than $600 billion in assets individually.
9 Banks to Jointly Issue Euro Stablecoin in 2026
Nine European banks ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International have formed a new company to issue a Euro stablecoin, according to an official announcement by banks on September 25.
The MiCAR-compliant Euro stablecoin will become a trusted European payment standard in the digital ecosystem. At present, the bank consortium has filed an e-money institution license with the Dutch Central Bank. They anticipate the launch in the second half of 2026.
“By joining this consortium of leading European banks, we are contributing to fill the need for a trusted, regulated solution for on-chain payments and settlement,” said Fiona Melrose, head of group strategy and ESG at UniCredit. This paves the way for a new digital payment standard to support Europe’s growth and financial sovereignty, she added.
The bank consortium revealed that they are open to welcoming additional banks, with a CEO expected to be appointed after the regulatory approval. Recently, Ripple targeted Luxembourg as its entry point for RLUSD’s European rollout under new MiCA regulations.
Challenging the US-Dominated Stablecoin Market
The initiative aims to challenge the US-dominated stablecoin market, maintaining Europe’s strategic autonomy in payments. USD stablecoins saw record growth in adoption in the region, taking over payments and settlements.
Euro stablecoin will prompt all banks to provide value-added services, such as a stablecoin wallet and custody. Demand for stablecoin adoption grew after the Markets in Crypto-Assets Regulation (MiCA) fully took effect in December last year.
The near-instant, low-cost payments and settlements with stablecoins attracted BBVA, Deutsche Bank, and ING Group. stablecoin enables 24/7, real-time access to cross-border payments, programmable payments, and supply chain management and digital asset settlements.
Top Euro-pegged stablecoins in terms of market capitalization are EURC, STASIS EURO, EUR CoinVertible, and Tether EURT. Circle Internet Group’s EURC leads with $259.7 million in market cap.
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