European Banks Form Consortium to Launch Euro Stablecoin

European Banks Form Consortium to Launch Euro Stablecoin

Nine of Europe’s biggest banks have joined forces to create a new Amsterdam-based company with the mission of launching a regulated euro-backed stablecoin by late 2026. Members of the consortium include ING, UniCredit, DekaBank, KBC, SEB, Caixabank, and others.

The stablecoin is designed to provide faster, cheaper, and safer digital payments, while also enhancing Europe’s financial independence. The project comes as the European Central Bank (ECB) continues to debate its own digital euro and warns about risks from private stablecoins.

Currently, euro stablecoins represent only about $620 million of a global stablecoin market valued near $300 billion. By leveraging the credibility of regulated banks, this consortium aims to capture market share and set a standard for safe euro-denominated tokens.

Still, success is not guaranteed. Adoption will depend on regulatory harmonization, interoperability with payment systems, and whether businesses actually prefer a private euro stablecoin over the ECB’s upcoming digital euro. Regardless, this marks one of the most serious institutional pushes into stablecoins from Europe’s traditional finance sector.