Overview

• Founding members ING, UniCredit, DekaBank, Banca Sella, KBC, Danske Bank, SEB, CaixaBank and Raiffeisen Bank International have established the venture in the Netherlands.
• The issuer intends to operate under the EU’s MiCA framework as an e-money institution supervised by the Dutch central bank.
• First issuance is planned for H2 2026, the consortium is open to additional banks, and a CEO appointment is expected subject to regulatory approval.
• The banks say the stablecoin will enable near-instant, low-cost, 24/7 cross-border and programmable payments, as well as improved settlement for supply chains and digital assets.
• The initiative is framed as a European alternative to dollar-dominated stablecoins, even as the ECB maintains skepticism toward private tokens.