Nine European banks have formed an alliance for the issuance of a euro stablecoin compliant with the MiCA regulation, with an initial issuance expected in the second half of 2026.
The goal is clear: to offer near-instant cross-border payments, lower costs, and 24/7 operations – all under the supervision of the De Nederlandsche Bank (DNB), within a defined regulatory framework. MiCA came into effect on June 29, 2023, and defines the regulatory perimeter for e-money tokens (EMT).
TL;DR
- Who: ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, Raiffeisen Bank International.
- What: issuance of a euro-denominated stablecoin compliant with MiCA, with an electronic money institution (EMI) license.
- When: first issuance expected in the second half of 2026.
According to the data collected by our editorial team and the official communications from the participants, the corporate structure has already been established in the Netherlands and the consortium confirms the goal of applying for authorization as an EMI. Industry analysts note that comparable pilot projects have processed initial volumes ranging from tens to hundreds of millions of euros per month, with potential growth towards multi-billion volumes at full capacity. We have verified the timelines indicated by the parties involved through press releases and public interviews, while noting that some key information remains to be formalized.
Founding Banks and Governance
The project is promoted by ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. The banks have established a new entity in the Netherlands to apply for authorization as an electronic money institution (EMI). Supervision will be entrusted to De Nederlandsche Bank (DNB), with a shared and transparent governance framework.
Participating Banks: Key Numbers
- Founders: 9 banks
- Jurisdiction: Netherlands
- Target license: electronic money institution (EMI)
- First issuance: scheduled for the second half of 2026
Impact on Cross-Border Payments
The initiative aims to make cross-border payments faster and more predictable, with a higher level of efficiency. In practice, the stablecoin will serve as a settlement tool on blockchain, reducing intermediary steps and reconciliation burdens. In this context, programmability – made possible through smart contracts – will facilitate B2B flows and more efficient supply chain management.
Expected Advantages
- Speed: near-instant transfers even outside of banking hours, continuously.
- Costs: lower settlement and reconciliation fees, with more streamlined processes.
- Use case: programmable payments, escrow, supply chain finance, settlement of tokenized assets.
- Interoperability: possibility of integration with SEPA Instant, which could serve as a banking on/off-ramp. SEPA Instant (launched in November 2017) is the pan-European standard for instant transfers and could play a key role as a fiat ramp.
MiCA Regulatory Framework and Timeline
The new Dutch company aims to obtain the EMI license, under the supervision of the DNB, to issue a stablecoin classified as an e-money token (EMT) under MiCA. MiCA establishes that EMTs must ensure parity of value (1:1) with the reference currency and provide for reserve transparency requirements, controls, and public disclosure. Indeed, the appointment of the CEO has been announced as forthcoming, subject to regulatory approval, and the consortium is open to the membership of additional interested banks.
Why the headquarters in the Netherlands
The choice of location in the Netherlands would facilitate alignment with MiCA and EU regulations on AML/KYC, ensuring a clear and uniform supervisory framework. It should be noted that operations require maximum transparency of reserves and periodic audits in compliance with the requirements for EMTs.
How the Euro Stablecoin Will Work (EMT MiCA)
The digital currency will be pegged 1:1 to the euro, ensuring the right of redemption at nominal value. Reserves will be held in low-risk assets and deposits, with segregation and external audits, as a prudential practice. Transactions will occur on DLT platforms to enable near-instant settlement and 24/7 payments.
Wallet and custody
The founding banks will offer integrated wallets and custody solutions, accompanied by management tools designed for both businesses and retail clients. That said, automation features (such as recurring payments and escrow) and connections with traditional bank accounts are planned.
Context: Background and Competition
In the past, ING was already preparing to launch its own euro stablecoin. On the European front, the stablecoin EUR CoinVertible, launched by Societe Generale – FORGE (SG‑FORGE), represented one of the first examples of a regulated euro stablecoin, although primarily intended for institutional clients. The consortium of 9 now proposes a multi-bank model, with the ambition of widespread adoption in digital payments, in a rapidly consolidating ecosystem.
Risks, open issues, and next steps
- Reserves: the composition and governance of the reserves have yet to be detailed (e.g., the presence of fiat on/off-chain, government securities, deposits) [data to be verified].
- Technological choice: the type of blockchain and the interoperability standard (public, private, or hybrid) have not yet been declared and remain subject to definition.
- Compliance: it is necessary to precisely define the MiCA requirements for EMTs, including exposure limits, reporting, and AML controls.
- Integration: the role of SEPA Instant as a fiat ramp and the impact on intra-EU exchanges need to be clarified.
- Competition: the project competes with dollar stablecoins like USDC and Tether, as well as the ECB’s initiative for a hypothetical digital euro.
Quote
Floris Lugt, head of digital assets at ING and joint representative of the initiative, stated: “Digital payments are fundamental for the new euro infrastructures. They offer efficiency and transparency thanks to the programmability of blockchain and the common regulations adopted by banks.”
FAQ
Who will be able to use the stablecoin?
In the model based on the EMI license, the service will be offered to both businesses and retail clients through participating banks. The actual scope will depend on the specifics of the license and the onboarding policies (KYC/AML), in accordance with MiCA.
What are the main regulatory risks?
Among the main risks are the transparency of reserves, the management of risk concentrations, and the guarantee of a smooth 1:1 redemption, in addition to compliance with MiCA requirements for EMTs, such as audits and public disclosure.
How will it integrate into cross-border payments?
The stablecoin can serve as an instant settlement layer between banks, with the possibility of conversion into fiat currency through SEPA Instant. Details regarding fees, liquidity, and interoperability will be crucial to promote adoption, especially in high-volume cross-border flows. For technical details on SEPA Instant, refer to the documentation of the European Payments Council.