Nine Major Banks Unite on Euro Stablecoin Project, Targeting Second Half 2026 Rollout

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2025-09-26 04:00:02

Traditional finance giants finally wake up to the stablecoin revolution—nine banking heavyweights are joining forces to launch a euro-denominated digital currency.

The Consortium's Game Plan

This banking alliance aims to bypass the fragmented European crypto landscape by creating a unified euro stablecoin. They're targeting a market dominated by dollar-pegged assets with their 2026 rollout timeline.

Why This Changes Everything

Nine institutions pooling resources signals serious institutional commitment. They're not just dipping toes—they're building infrastructure that could reshape European digital payments.

The Regulatory Tightrope

Watch how these banks navigate EU regulations while traditional finance tries to compete with the innovation it once dismissed. Because nothing says 'disruption' like nine established banks forming a committee.

ING, UniCredit, & Other European Banks Are Coming Together For Stablecoin

As announced in a press release by Italian banking giant UniCredit, the bank is joining forces with eight other major European institutions to launch a stablecoin pegged to the euro.

“This digital payment instrument, leveraging blockchain technology, aims to become a trusted European payment standard in the digital ecosystem,” read the press release.

The stablecoin will have compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCAR), the bloc’s comprehensive framework on cryptocurrencies. MiCAR covers a range of areas, like issuance and custody of digital assets, as well as the operation of platforms related to them.

The full list of banks that have come together to FORM the consortium for the euro-denominated token includes: ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International.

All of these are major banking players, but two are perhaps particularly prominent: ING and UniCredit. ING is a Dutch multinational bank that’s designated as a Global Systemically Important Bank (G-SIB) by the Financial Stability Board (FSB). G-SIBs are considered to be institutions so ingrained into the world financial order that any disruptions related to them can have widespread economic consequences. Italy’s UniCredit was also included in this category until 2023, when FSB removed it from the list.

The nine banks have formed a new company in the Netherlands, planning to get approval from the Dutch Central Bank as an e-money institution. The press release noted that the consortium is welcoming more banks to join them. The stablecoin, which is currently slated for issuance in the second half of 2026, will be positioned as a real European alternative to the currently US-dominated market.

“At UniCredit, we believe in the importance of a stronger Europe and in the power of constructive dialogue and collaboration,” said Fiona Melrose, Head of Group Strategy and ESG at UniCredit. “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.”

The consortium also intends to appoint a Chief Executive Officer (CEO) in the NEAR future, subject to regulatory approval, to lead the new entity in the Netherlands.

Meanwhile, in the US, stablecoins have been seeing regulatory momentum lately. Just this Tuesday, the Commodity Futures Trading Commission (CFTC) launched an initiative to explore their use as collateral in derivatives markets, a MOVE that could further integrate them into mainstream finance.