Overview

• A Netherlands-based company has been created to apply for licensing and oversight by De Nederlandsche Bank as an e-money institution.
• The consortium targets an initial issuance in the second half of 2026, contingent on regulatory approvals and technical readiness.
• The design aims to support 24/7 on-chain settlement, programmable payments via smart contracts, and tokenized securities settlement with planned links to SEPA and TARGET services.
• Participants are DekaBank, ING, UniCredit, Banca Sella, CaixaBank, KBC, SEB, Danske Bank and Raiffeisen Bank International, while Deutsche Bank and Commerzbank are not part of the group.
• Backers frame the initiative as a European alternative to the U.S.-led stablecoin market dominated by issuers such as Tether and Circle.