Nine major European banks join forces to issue stablecoin
Banca Sella, ING, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International – have joined forces to launch a MiCAR-compliant euro-denominated stablecoin. This digital payment instrument, leveraging blockchain technology, aims to become a trusted European payment standard in the digital ecosystem.
The stablecoin will provide near-instant, low-cost payments and settlements. It will enable 24/7 access to efficient cross-border payments, programmable payments, and improvements in supply chain management and digital asset settlements, which can vary from securities to cryptocurrencies.
The stablecoin will be regulated by EU's "Markets in Crypto-Assets Regulation" (MiCAR) and is expected to be first issued in the second half of 2026. The stablecoin consortium, with the aforementioned banks as founding members, has formed a new company in the Netherlands, aiming to be licensed and supervised by the Dutch Central Bank as an e-money institution. The consortium is open to additional banks joining. A CEO is expected to be appointed in the near future, subject to regulatory approval.
The initiative will provide a real European alternative to the US-dominated stablecoin market, contributing to Europe's strategic autonomy in payments. Individual banks will be able to provide value added services, such as a stablecoin wallet and custody.
"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," states Floris Lugt, Digital Assets lead at ING and joint public representative of the initiative.
“Sella has always stood out for its innovative approach, aimed at imagining and shaping the future by focusing at customer needs and not just market opportunities. For the past three years, we have invested on DLT and digital asset technologies with a dedicated competence center, because we are convinced that the convergence between traditional and decentralized finance is the key to developing new service models. Joining the European stablecoin consortium, which we have supported from the beginning, marks a crucial milestone in our strategic path on digital assets: our goal is to offer innovative solutions that make financial transactions simpler and more efficient, both in the European market and on a larger scale," comments Andrea Tessera, Chief Innovation Officer at Sella.