Nine European Banks Form Netherlands-Based Euro Stablecoin Venture

Nine major European banks announced on Thursday they have formed a Netherlands-based company to issue a euro-denominated stablecoin, seeking to provide a regulated, pan-European alternative to U.S.-dollar tokens and to speed up low-cost cross-border payments. The consortium, which includes ING, UniCredit, CaixaBank, KBC, Danske Bank, DekaBank, Banca Sella, SEB and Raiffeisen Bank International, said it will apply for an electronic money institution license with the Dutch central bank and aims to issue the token in the second half of 2026, subject to regulatory approval.

The banks said the stablecoin will be fully compliant with the European Union’s Markets in Crypto-Assets regulation, or MiCA, and backed one-for-one with euro reserves held in segregated accounts and invested in low-risk, liquid assets. They described the token as a tool for instant, 24/7 payments, programmable settlement and streamlined cross-border transfers, with potential applications across digital asset settlements, securities processing and supply-chain finance. The new company expects to appoint a chief executive once licensing moves forward and said other institutions may join the initiative.