ING and UniCredit Join Nine-Bank Push for Euro Stablecoin Under MiCA

ING and UniCredit Join Nine-Bank Push for Euro Stablecoin Under MiCA

European Banks Form Alliance for Digital Payments

Nine major European banks, including ING and UniCredit, are building a euro-pegged stablecoin in compliance with the EU’s Markets in Crypto-Assets (MiCA) framework. The digital token is expected to launch in the second half of 2026 and aims to become a trusted standard for euro-denominated payments.

The initiative is designed to reduce Europe’s reliance on U.S.-dominated stablecoins while boosting the EU’s strategic autonomy in the global financial system.

Who’s Involved? A Pan-European Effort

Alongside the Dutch giant ING and Italy’s UniCredit, the consortium includes:

• CaixaBank (Spain)

• Danske Bank (Denmark)

• Raiffeisen Bank International (Austria)

• KBC (Belgium)

• SEB (Sweden)

• DekaBank (Germany)

• Banca Sella (Italy)

The group has set up a headquarters in the Netherlands to oversee the project, leaving the door open for additional banks to join in.

What the Stablecoin Promises

According to ING’s joint statement, the stablecoin will offer:

• Near-instant, low-cost transactions available 24/7

• Cross-border payment capabilities

• Programmable payment functions

• Support for supply chain management and digital asset settlements, including both securities and cryptocurrencies

“Digital payments are key for new euro-denominated payments and financial market infrastructure,” said Floris Lugt, ING’s digital asset lead. “We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards.”

Context: Digital Euro Still Years Away

The timing of this project comes as the European Central Bank’s digital euro has been delayed until 2029.

ECB Executive Board member Piero Cipollone suggested that a framework for the euro CBDC will be outlined by May 2026, but rollout is not expected before the end of the decade.

With the EU’s official CBDC years away, commentators online have called the new project a “digital euro’s obituary notice.” Others speculate the stablecoin could act as a “backdoor CBDC,” though, unlike central bank money, this token will be issued by private banks, not the ECB.

A Global Shift Toward Stablecoins

The move also reflects broader geopolitical trends. In 2025, the U.S. government banned CBDC development but committed to promoting dollar-backed stablecoins as part of its financial infrastructure.

For Europe, the upcoming launch represents a decisive step toward building sovereign control over digital money, while competing with American and Asian players in the payments space.