Nine European Banks Collaborate to Launch Euro Stablecoin by 2026

Nine of Europe's largest banks, including UniCredit, ING, and CaixaBank, are joining forces to create a MiCAR-compliant euro stablecoin. The initiative aims to provide instant, low-cost payments and strengthen Europe's digital asset ecosystem. The consortium plans to establish a new company headquartered in the Netherlands, with a projected launch in late 2026.

The move challenges the dominance of U.S.-based stablecoins like Tether (USDT) and USD Coin (USDC), which currently control 88.5% of the $295 billion global stablecoin market. Euro-backed tokens represent just a fraction of this, with a market valuation of $562 million.

This project signals growing institutional adoption of digital assets in Europe, potentially paving the way for broader use cases and regulatory clarity. The banks involved span multiple European nations, reflecting a coordinated effort to create a trusted payment standard within the region's digital economy.