Nine major European banks have signaled their intention to launch a euro-denominated stablecoin in the second half of 2026.
Summary
- Nine major European banks have plans for a euro stablecoin.
- The banks have formed a new company in the Netherlands and eye a rollout in 2026.
ING, UniCredit, Danske Bank, and CaixaBank are among a consortium of nine leading European lenders eyeing a joint euro stablecoin, according to an announcement on Sept. 25.
With major banks in the United States looking to ride the regulatory shift that heralded the landmark stablecoin law, the GENIUS Act, their European counterparts are not ready to lag behind.
European banks form new stablecoin company
On Thursday, the nine banks, which also include Banca Sella, DekaBank, SEB, and Raiffeisen Bank International, revealed they are joining forces to create a new company that will launch a euro-denominated stablecoin in 2026.
According to a Reuters report, the euro-pegged stablecoin will be Markets in Crypto-Assets Regulation–compliant and offer a trusted digital payment instrument built on blockchain technology. The EU’s MiCA rules came into effect in December 2024 and include a robust regulatory framework for stablecoins.
The new company set to issue the stablecoin will be based in the Netherlands and expects to acquire an e-money institution license from the Dutch Central Bank.
Countering U.S. dominance
With U.S. banks ready for a dollar-backed stablecoin, a potential path to dominance emerged with the signing into law of the GENIUS Act. However, some of the top banks in Europe want to counter this would-be enhancement of U.S. hegemony with a regulated euro-denominated crypto token.
“Digital payments are key for new euro-denominated payments and financial market infrastructure. They offer significant efficiency and transparency, thanks to blockchain technology’s programmability features and 24/7 instant cross-currency settlement. We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards,” Floris Lugt, digital assets lead at ING, said in a statement.
Lugt is a joint public representative of the euro stablecoin initiative.
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