A consortium of European banks, including UniCredit and ING, plans to launch a euro-denominated stablecoin in 2026, aiming to attract crypto-averse investors and potentially accelerate the development of a digital euro. This new stablecoin, regulated under the EU's MiCAR framework, seeks to provide efficient and cost-effective payment solutions while addressing the current dominance of U.S. stablecoins in the global market. Experts suggest that such a product may enhance demand among European investors, despite concerns about compliance affecting privacy advocates.

Nine European banks, including ING and UniCredit, have formed a consortium to develop a euro-backed stablecoin, aiming for a launch in the second half of 2026. The initiative seeks to establish a trusted payment standard in Europe and will operate under the EU's Markets in Crypto-Assets Regulation (MiCA).