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Consortium of Nine Banks, Including Unicredit, to Launch Euro Stablecoin
A new consortium comprising Unicredit, ING, Dekabank, Banca Sella, KBC Group, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International aims to provide a European alternative to ensure “strategic autonomy in payments.”
To implement the project, a Dutch company has been established, which remains open for other banks to join.
The initiative comes as the European Union’s Markets in Crypto-Assets (MiCA) regulations take effect, pushing banks to secure their place in the digital asset sector.
While Spain’s Banco Santander is still working toward such solutions, Germany’s Deutsche Bank DWS already issued a euro stablecoin earlier this summer.
The consortium’s euro-backed stablecoin will serve as a test of whether traditional players can succeed in managing, storing, and enabling interoperability of crypto assets between banks and merchants while remaining fully compliant with regulations.
Meanwhile, European Central Bank board member Piero Cipollone confirmed that a digital euro will likely be launched by 2029. Europe is now part of a growing group of nations working to introduce their own central bank digital currencies (CBDCs).
See also: "Bitcoin Falls Below $110,000 Amid Options Expiry"
