9 European Banks Launch MiCA-Compliant Euro Stablecoin in Strategic Push for Digital Payments

Nine major European banks have joined forces to introduce a euro-backed stablecoin compliant with the EU's Markets in Crypto-Assets (MiCA) regulation. The consortium—comprising ING, UniCredit, Raiffeisen Bank International, and six others—aims to establish a blockchain-based payment instrument for retail and institutional use.

The initiative, branded as MOVE, represents Europe's deliberate MOVE to reduce dependence on U.S.-issued stablecoins while advancing strategic autonomy in digital payments. The MiCA framework provides regulatory clarity, enabling the banks to position the euro-denominated token as a benchmark for compliant digital assets.

Beyond cross-border transactions, the stablecoin is designed to integrate with financial services and potentially support decentralized finance applications. This development coincides with growing institutional momentum for regulated crypto products in Europe.