European Banks Team Up for Euro Stablecoin: Is the Digital Euro Already Dead?

by

Well, well, well… Some of Europe‘s big banking players-ING, Danske Bank, UniCredit, CaixaBank-have decided it’s time to toss their hats into the crypto ring, launching a euro-pegged stablecoin under the EU’s shiny new Markets in Crypto-Assets (MiCA) framework. Because why not?

Hold on to Your Wallets: MiCA-Backed Euro Stablecoin Coming in 2026!

On September 25, ING, the Dutch folks known for keeping things “official,” dropped a joint statement. Guess what? The euro stablecoin is all set to debut in the second half of 2026. Mark your calendars, folks-better late than never, right?

And just in case you were wondering what sparked all this activity, it’s the fact that Société Générale (yes, the French one) has announced its own USD-backed stablecoin, USDCV, will be strutting its stuff on Bullish Europe’s stage. Why does that matter? Well, because it’s about time Europe played catch-up in the digital world.

Let’s face it, this move is the EU’s way of saying, “Hey, we need our own digital payment system, because US stablecoins are stealing the spotlight.” It’s all about reclaiming some strategic autonomy. Who knew banks were so…political? 🎩💼

The founding banks have set up shop in the Netherlands (shocking, I know, since ING is Dutch), and they’ll be running the show from there. Nothing like keeping it in the family. And now for the cherry on top: Floris Lugt, ING’s digital assets lead, had this to say:

“Digital payments are key for new euro-denominated payments and financial market infrastructure. They offer significant efficiency and transparency, thanks to blockchain technology’s programmability features and 24/7 instant cross-currency settlement. We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards.”

In other words, “We need to catch up and do it together, people!” The new euro stablecoin is meant to make payments faster and cheaper. You’ll be able to send money across borders faster than a speeding bullet. Or maybe not, but you get the idea.

The stablecoin will also handle programmable payments and help with all that boring supply chain management and digital asset settlement stuff. It’s like a Swiss army knife, but for the digital economy.

Digital Euro: Maybe, Maybe Not?

Hold your horses, though. The whole digital euro thing is still kicking around like an old dog. European Central Bank Executive Board member Piero Cipollone recently projected the EU’s Digital Euro will be ready by 2029. That’s a whole four years later than we were expecting! 😬

And here’s the real kicker: Back in 2025, the EU was all hyped up to launch it as a response to the US’ big digital coin moves. But now? Now they’re just dragging their feet. The European Parliament is set to announce a framework for the central bank digital currency (CBDC) by May 2026. By then, this new stablecoin might already have stolen the thunder and buried the digital euro. Ouch.

Given that the EU’s CBDC has been in discussions since 2020, some folks online are already writing its obituary. Poor thing, it hardly got a chance to live. 🪦

Read More

2025-09-25 16:41