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Nine Major European Banks Unite to Launch Euro Stablecoin in 2026
Nine Major European Banks Unite to Launch Euro Stablecoin in 2026
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BTCCSquare news:
Nine of Europe's largest banks, including ING, UniCredit, and Raiffeisen Bank International, have announced a joint initiative to launch a euro-backed stablecoin by 2026. The coalition aims to challenge the dominance of US dollar-pegged stablecoins, which currently control over 99% of the market despite the eurozone's economic heft.
The MOVE signals Europe's strategic push for financial autonomy in digital payments. With cross-border transactions projected to reach $320 billion by 2030, the blockchain-based stablecoin promises instant settlements and lower costs compared to traditional systems. "This provides a real European alternative to the US-dominated stablecoin market," the consortium stated.
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