Why ING’s Euro Stablecoin Plan Might Just Be the Banks’ New Party Trick 🎩💰

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Well, it appears Europe’s MiCA regulation has gone and done something rather clever—inviting the big banks to the crypto shindig. Naturally, one Dutch chap with a rather large banking empire has taken to the dance floor with all the subtlety of a walrus in a china shop.

The venerable ING, that grand old banking beast from the Low Countries, is reportedly gearing up to toss its hat into the Euro stablecoin ring. According to the ever-watchful CoinDesk on a sunny day that happened to be April 22, ING has been quietly assembling a merry band of fellow bankers to craft and launch a Euro stablecoin. Because, of course, nothing says “cutting edge” like a consortium of bankers deciding how to shake up the digital money scene. 🎩

When cornered for a quip, ING, naturally, clammed up tighter than Aunt Agatha in a breezy novel. But sources—two, no less—whispered to CoinDesk that yes, indeed, the wheels are turning, albeit at the pace of a particularly languid tortoise. All in wait for the regulatory gods to smile upon their joint venture. Patience, dear reader, patience.

But lo, ING is hardly the only bank twirling on this dance floor. France’s Société Générale, through its plucky offspring SG FORGE, has already launched a Euro-backed stablecoin on Stellar, no less. Stellar, as in, “Look, Ma, we’re shiny and new!” 🌟

MiCA: The Unlikely Fairy Godmother of Banking Stablecoins

The whole caboodle hinges on the EU’s Markets in Crypto Assets regulation—a beast with rules so firm it’s scared off many would-be contenders, including the once-mighty Tether, who has apparently decided the grass isn’t greener on the MiCA side.

Meanwhile, the European Central Bank’s CBDC plan is still perched nervously on the launchpad, awaiting that final “go” signal. This delay is like an open invitation for banks to set up private coin operations amidst the EU’s rather patchy payments landscape.

Though the ECB dreams of unleashing the Digital Euro come October, the European Commission is giving it the old side-eye. Turns out, not everyone is keen on a single digital currency for the entire EU—some prefer their money as diverse as their latest cheese platter.

Across the Atlantic, the U.S. isn’t exactly twiddling its thumbs either; the STABLE Act is now moseying through the legislative halls, eager to catch up with its European cousins. This proposed legislation aims to put a leash on stablecoin issuers, gathering an eclectic cast of characters already sniffing around the market.

Among them is Visa, that card-playing veteran, dabbling with stablecoins for card settlements like a magician practicing new tricks. And then there’s the Trump-linked World Liberty Financial, which just thrust its own USD1 stablecoin into the limelight—drawing a chorus of eyebrow raises over oh-so-timely conflicts of interest. 🎭

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2025-04-22 18:16