Unicredit, ING and seven other European lenders plan a euro stablecoin, targeting a launch in the second half of 2026 as banks test a homegrown answer to a dollar-centric market. Bloomberg first reported the effort on Thursday.
Report: Unicredit, ING Lead 9-Bank Push to Build Euro Stablecoin by 2026
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9 European Lenders Form Consortium to Launch Euro Stablecoin Amid ECB Digital Euro Backdrop
According to the report, the consortium includes Unicredit, ING, Dekabank, Banca Sella, KBC Group, Danske Bank, SEB, Caixabank and Raiffeisen Bank International, a statement from Dekabank shared with Bloomberg’s Stephan Kahl detailed.
The report further stated that the aim is to offer a European alternative and bolster “strategic autonomy in payments,” the group’s statement said, adding that it has set up a Netherlands-based company for the project and is open to additional banks joining.
The initiative lands as the European Union’s Markets in Crypto-Assets rulebook takes full effect, prodding banks to define where they fit in digital assets. Banco Santander has reportedly weighed moves, while a venture backed by Deutsche Bank’s DWS issued a euro stablecoin this summer.
Kahl’s report notes that stablecoins — digital tokens crafted to keep a one-to-one grip with fiat like the euro or dollar — have become catnip for banks in Europe and the U.S. eager to speed up settlements.
If the timeline holds, a euro stablecoin from nine household-name banks would test whether incumbents can win on regulatory clarity, distribution and trust. The open questions: governance, custody and how the coin would interoperate across banks and merchants without tripping compliance wires.
The latest word from these banks trails comments by European Central Bank (ECB) Executive Board member Piero Cipollone, who disclosed at a Bloomberg conference that a digital euro is likely to hit the stage by 2029. Europe is part of a growing cast of nations itching to roll out their own central bank digital currency ( CBDC).
