A group of major European banks is working together to launch stubcoins in the Euro family in accordance with the European Market (MICA) framework.
Dutch lenders and Italian unic reddit are one of nine banks participating in the development of the euro religion’s ridiculous stubcoin, according to a joint statement released by ING.
Built in compliance with European MICA regulations, Stablecoin is scheduled to be issued in the second half of 2026 and is tasked with becoming a reliable European payment standard in the digital ecosystem.
The announcement noted that the initiative is consistent with European plans to provide local alternatives to the US-dominated Stablecoin market and contribute to the EU’s strategic autonomy in payments.
Eight EU member countries banks were initially involved
In addition to ING and UnicRedit, European Stablecoin initiatives include Caixabank in Spain, Danske Bank in Denmark, Raiffeisen Bank International in Austria, KBC in Belgium, SEB in Sweden, Dekabank in Germany and another Italian lender, Banca Sella.
The founding members also established a new company headquartered in the Netherlands, ING’s home country, to oversee the development and management of Stablecoin.
The Banking Consortium said in a joint announcement that it will remain open to other banks participating in the Stablecoin project.
24/7 access to cross-border payments
According to an ING statement, the predicted euro stability is expected to provide “low-cost payments and settlements nearby,” allowing 24/7 access to cross-border payments.
Stablecoin will offer programmable payments and improvements for supply chain management and digital asset settlements that may vary with each security.
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“Digital payments are important for new euro denominated payments and financial market infrastructure,” said Floris Lugt, ING’s digital asset lead and co-head of the project.
“This development requires an industry-wide approach and it is essential that banks adopt the same standards,” he added.
Digital Euros are delayed until 2029
The announcement of the joint stubcoin project by major European banks came shortly after Piero Cipollon, a member of the European Central Bank’s board of directors, estimated that the EU’s digital euro could become a reality in 2029.
Cipolon, who also serves as the lieutenant governor of the Bank of Italy, noted that the European Parliament is widely expected to outline the general framework of the EU’s Central Bank Digital Currency (CBDC) by May 2026.
Given the long-term development of potential CBDCs in Europe that have been considered since 2020, some online commentators have described the launch of the new Stablecoin as a “digital euro obituary.”
Related: US home considering retroactive CBDC ban in market structure bill
Others speculate that future Stablecoins could act as “backdoor CBDCs,” but by definition, CBDCs are issued directly by the central bank.
Though it’s more ridiculous than CBDC, it’s not unprecedented. In early 2025, the Trump administration made a historic decision to ban CBDC development in the United States, but also pledged to promote US dollar-backed stubcoins as a key component of its financial strategy.
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