Nine European Banking Giants Collaborate on Euro-Backed Stablecoin Set for H2 2026 Launch

Nine of Europe's largest banks—including ING, UniCredit, and Raiffeisen Bank International—have joined forces to develop a MiCA-compliant euro-backed stablecoin. The initiative, confirmed in a joint statement on 25 September 2025, aims to provide a European alternative to USD-dominated stablecoins while enhancing payment efficiency and cross-border settlements.

The stablecoin will enable near-instant, low-cost transactions with 24/7 availability, programmable payments, and improved digital asset settlements. ING emphasized that the project reinforces Europe's strategic autonomy in payments, potentially reducing reliance on US dollar-denominated stablecoins.

Scheduled for launch in the second half of 2026, this collaboration marks a significant step in traditional finance's adoption of digital money within the Eurozone. The participating banks highlight applications ranging from supply chain management to cryptocurrency settlements.