Nine EU banks jointly develop a stablecoin… launch in the second half of next year

Nine banks in the European Union (EU) will jointly develop a euro-based stablecoin.

On the 25th (local time), Bloomberg reported that DekaBank, ING Group, UniCredit, Danske Bank and other EU banks, nine in total, announced they had formed a consortium to jointly develop a euro-based stablecoin. The consortium also established an office in the Netherlands for the stablecoin business. The consortium said, "The goal is to create a European alternative to the US-led stablecoin market and contribute to Europe's strategic autonomy in payments," adding, "We welcome participation from other banks."

The consortium plans to launch the stablecoin in the second half of next year. Bloomberg said this was "a sign that European banks have begun to take an interest in digital assets just months after EU cryptocurrency market regulation began in earnest."