Nine European Banks Plan MiCA-Regulated Euro Stablecoin Launch by 2026

Nine major European banks, including ING, UniCredit, CaixaBank, KBC, Danske Bank, DekaBank, Banca Sella, SEB, and Raiffeisen Bank International, have formed a consortium to issue a euro-denominated stablecoin under the European Union's Markets in Crypto-Assets Regulation (MiCA). The initiative aims to offer near-instant, low-cost cross-border payments 24/7, programmable settlements, and applications in digital asset and supply chain management, while reducing reliance on US dollar-pegged stablecoins. A new Dutch-based company has been established to apply for an electronic money institution license supervised by the Dutch Central Bank with the first issuance expected in the second half of 2026. This project is part of a broader effort to strengthen European monetary sovereignty and create a trusted European payment standard in the digital ecosystem. The stablecoin is expected to integrate with existing payment systems and promote wider adoption of tokenized payments across industries. Despite challenges from regulatory debates and competition from existing euro stablecoins, the consortium emphasizes the importance of industry-wide cooperation and regulatory clarity to enhance Europe's competitiveness in digital finance.