Euro Stablecoin Project Gains Momentum as ING, UniCredit, and Other Banks Unite

Nine major European banks, including ING, UniCredit, and CaixaBank, are collaborating to launch a Euro-backed stablecoin by 2026. The initiative aims to create a digital currency pegged one-to-one to the euro, ensuring stability and compliance with the EU's MiCA regulations. This MOVE signals a strategic effort to reduce reliance on U.S. dollar-dominated stablecoins and reinforce Europe's financial sovereignty.

The project represents more than just a new digital asset—it’s a calculated response to the dominance of U.S.-issued stablecoins. By aligning with MiCA, the Euro stablecoin could establish itself as a trusted alternative, meeting stringent transparency and consumer protection standards. For participating banks, this is an opportunity to cement their role in Europe’s evolving digital finance landscape.

Beyond regulatory alignment, the initiative underscores a broader shift toward institutional involvement in digital currencies. Rather than ceding ground to tech firms or foreign entities, Europe’s banking giants are positioning themselves at the forefront of the continent’s crypto future. The success of this project could bolster the euro’s role in global trade while setting a precedent for regulated, bank-led stablecoins.