Overview

• The consortium comprises ING, UniCredit, CaixaBank, Danske Bank, SEB, KBC, DekaBank, Banca Sella, and Raiffeisen Bank International.
• A new company based in the Netherlands will seek authorization from De Nederlandsche Bank as an e-money institution under the EU’s MiCA rules, enabling EU-wide operations once approved.
• Initial issuance is targeted for the second half of 2026, with a CEO appointment still pending and the group inviting additional banks to join.
• The proposed token is pitched for near-instant, low-cost, 24/7 cross-border and programmable payments, as well as on-chain settlement for securities and other digital assets.
• Backers present the effort as a European alternative to dominant dollar stablecoins as regulators assess private tokens alongside the longer-term digital euro project.