Overview

• ING, UniCredit, DekaBank, Banca Sella, KBC, Danske Bank, SEB, CaixaBank and Raiffeisen Bank International are the founding members.
• The consortium has incorporated a company in the Netherlands that plans to be licensed and supervised by the Dutch central bank as an e-money institution.
• The group targets first issuance in the second half of 2026 and says a CEO will be appointed subject to regulatory approval, with additional banks invited to join.
• The planned token is pitched for near-instant, low-cost 24/7 cross-border transfers, programmable payments and on-chain settlement across securities and cryptocurrencies.
• Backers frame the project as a regulated European alternative to dollar stablecoins as ECB officials warn about private tokens and the digital euro is not expected before 2029.