ING eyes Euro stablecoin as MiCA opens door for banks
MiCA regulation paves the way for banks like ING to issue Euro-based stablecoins.
Dutch banking giant ING is preparing to launch a Euro-based stablecoin. It is teaming up with other financial institutions to form a consortium, according to sources cited by CoinDesk.
The group is reportedly awaiting regulatory approval to set up a joint entity, slowing down immediate progress. The move aligns with the European Union’s Markets in Crypto Assets (MiCA) regulation, which has introduced strict rules for stablecoin issuance.
These standards have led to the retreat of some dominant players such as Tether, creating room for banks to develop regulated alternatives. Société Générale’s digital arm, SG FORGE, has already released its own Euro stablecoin on the Stellar blockchain.
The European Central Bank continues to face hurdles in advancing its Digital Euro project. In the meantime, traditional banks are offering private solutions for cross-border payments.
In the United States, similar efforts are underway with the proposed STABLE Act. The bill is already drawing attention from firms like Visa and World Liberty Financial, though the latter has come under scrutiny due to its political ties.
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