The consortium includes ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International.
The new stablecoin will enable instant, round-the-clock payments and settlements with low fees. Member banks also plan to offer additional services such as digital wallets for asset storage.
The founding institutions have established a separate company in the Netherlands to apply for an e-money issuer license from the local central bank. Once approval is granted, a CEO will be appointed to lead the project. The consortium remains open to new participants.
The euro stablecoin launch is scheduled for the second half of 2026.
“Digital assets can reshape the financial landscape—not only by introducing new forms of money but also by delivering efficiency and cost savings for both the financial sector and its clients,” said Flaminia Lucia Franca, representative of Danske Bank.
The Dominance of U.S. Stablecoins
As of now, the stablecoin market capitalization stands at around $295 billion. The U.S. dollar-backed USDT from Tether remains the leader, holding a 58.6% market share.
USDC from Circle ranks second, with 29.9% of the market.
Euro-backed stablecoins, meanwhile, have surpassed $562 million in market capitalization, according to CoinGecko. The largest in this category is EURC, launched by Circle in December 2023 on the Solana blockchain.
As of early 2025, ten issuers have obtained MiCA licenses, allowing them to release stablecoins within the European Economic Area.