Nine European Banks Unite to Launch Euro Stablecoin to Counter US Dominance

The planned stablecoin will target fast, low-cost settlement and will operate around the clock, according to the banks. The group highlights use-cases that include programmable payments, more efficient cross-border transfers, improvements in supply-chain workflows, and settlement for digital assets ranging from securities to cryptocurrencies.

The initial issuance is expected in the second half of 2026, subject to regulatory approvals. As part of the launch pathway, the consortium has already created a Dutch entity and intends to seek authorization and ongoing supervision from De Nederlandsche Bank as an e-money institution. A chief executive is expected to be appointed in due course, pending regulatory clearance.

The banks frame the project as a “real European alternative” to a market they describe as presently dominated by U.S.-dollar stablecoins. By anchoring issuance and oversight inside the EU’s rulebook, the group argues the token can contribute to Europe’s strategic autonomy in payments while giving regulated institutions a common infrastructure to build upon.

In practical terms, the model opens the door for participating lenders and others that may join later to add services on top of the core instrument. The banks flag potential “value-added services,” including consumer and institutional wallets and custody, delivered in line with MiCA’s requirements. The consortium explicitly remains open to additional members.

Floris Lugt, Digital Assets Lead at ING and a joint public representative of the initiative, said "Digital payments are key for new euro-denominated payments and financial market infrastructure. They offer significant efficiency and transparency, thanks to blockchain technology's programmability features and 24/7 instant cross-currency settlement. We believe this development requires an industry-wide approach, and it's imperative that banks adopt the same standards."

The choice of the Netherlands as the corporate and licensing base is notable. Under MiCA, e-money tokens must adhere to stringent prudential, governance, and safeguarding rules; by operating within a single supervised entity recognized across the bloc, the issuer can serve multiple EU markets while maintaining harmonized compliance. Although the group has not published technical specifications, its emphasis on programmability and 24/7 operability implies compatibility with blockchain rails commonly used for tokenized money and assets.

Beyond retail and merchant payments, the banks point to efficiencies in capital markets workflows. Tokenized settlement for securities and other instruments has often been hampered by fragmentation across custody, clearing, and cash-leg movement. A euro-denominated, MiCA-compliant instrument, controlled by regulated institutions and integrated into banking-grade risk and compliance processes, could reduce friction for on-chain delivery-versus-payment and other atomic settlement designs that firms are piloting across Europe.

The announcement also arrives with a clear political-economy subtext. Europe has long sought to decrease reliance on non-European payment networks and standards. By aligning a bank-issued stablecoin with MiCA’s safeguards and Dutch central-bank supervision, the project positions itself as a policy-friendly complement to ongoing digitalization efforts, rather than a private token operating outside of the regulatory perimeter. Whether the instrument ultimately finds broad adoption will depend on execution details, wallet support, merchant acceptance, and interoperability with banking systems, but the consortium’s structure is designed to smooth those pathways.

Importantly, the group’s statement stresses inclusivity on standard-setting. If banks converge on shared technical and compliance baselines, issuance, redemption, reserve management, and attestation, network effects could emerge more readily across consumer, corporate, and market-infrastructure use-cases. That is one reason Lugt underscores an “industry-wide approach,” signaling an ambition that reaches beyond the nine founding members.

The press materials list a pan-European footprint, Amsterdam, Biella, Brussels, Copenhagen, Frankfurt, Milan, Stockholm, Valencia, and Vienna, reflecting the consortium’s geographic diversity and the target scope of the project. Taken together, the details sketch a roadmap in which a supervised, euro-backed token can serve as regulated “digital cash” inside programmable payment flows while integrating cleanly with EU oversight. Timelines are set, the licensing path is specified, and leadership appointments are anticipated, subject to regulatory approval.

The core facts are straightforward: nine major banks, a MiCA-compliant euro stablecoin, a Dutch e-money license under the central bank’s supervision, a target launch window in the second half of 2026, and a design brief focused on speed, cost, programmability, and European payment sovereignty.