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2h ago

Nine European Banks Form Dutch Venture to Build MiCA Euro Stablecoin

The group intends to obtain Dutch e‑money oversight to issue a 1:1 euro‑backed token with programmable on‑chain payments.

Photo: Carl Gruner
Nine european banks join forces to issue mica compliant euro stablecoin
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Overview

  • A new Netherlands-based company has been incorporated by ING, UniCredit, DekaBank, Banca Sella, KBC, Danske Bank, SEB, CaixaBank and Raiffeisen Bank International.
  • Founders plan to seek an electronic money institution license from De Nederlandsche Bank under the EU’s MiCA framework.
  • First issuance is targeted for the second half of 2026, pending regulatory approval and the appointment of a CEO.
  • The token is planned to be fully backed 1:1 by segregated euro reserves invested in low‑risk, liquid assets.
  • Features proposed include 24/7 near‑instant cross‑border settlement and programmability, with the consortium pitching a European alternative to USD‑pegged stablecoins as the ECB’s digital euro advances slowly.