"10 EU banks establish euro-linked stablecoin issuer"

Minseung Kang

Summary

Ten major banks in the EU reportedly established a joint company to issue a euro-linked stablecoin.
It said this is a move by the European financial sector to secure its own payment method in response to the expanding US-led influence in the digital payments market.
It reported that executives of the new company include people from major financial firms such as ING, Coinbase, and NatWest.

Banks within the European Union (EU) are reported to have established a joint company to issue a euro-linked stablecoin. Amid expanding US-led influence in the digital payments market, it is interpreted as a move by the European financial sector to secure its own payment means.

On the 2nd, according to Reuters, 10 European banks including ING, UniCredit, and BNP Paribas launched a new company in Amsterdam, the Netherlands to issue stablecoins. The stablecoin to be issued will be pegged to the value of the euro.

Earlier, this alliance of banks had disclosed plans to establish it last September.

The new company's CEO will be Jan-Oliver Sell, formerly of Coinbase Germany. Floris Lugt, head of digital assets at ING, has been appointed chief financial officer (CFO), and Howard Davies, former chair of NatWest, has been named chair of the board.