Nikolas Sargeant
ING's previously reported euro stablecoin initiative has reached a major milestone, expanding from early-stage discussions to a formalized nine-bank consortium with concrete launch plans for the second half of 2026. The Dutch lender has successfully secured partnerships with eight major European financial institutions, transforming what began as exploratory talks into Europe's most ambitious private-sector digital currency project under MiCA regulations.
The consortium now includes Italy's UniCredit, Spain's CaixaBank, Denmark's Danske Bank, Austria's Raiffeisen Bank International, Belgium's KBC, Sweden's SEB, Germany's DekaBank, and Italy's Banca Sella, representing a significant expansion from ING's initial collaborations with unnamed banks and crypto firms, according to a joint statement published Thursday on ING’s website. The participating institutions have moved beyond the board approval stage mentioned in earlier reports, establishing a dedicated company headquartered in the Netherlands to manage the project's development and operations.
Building on the MiCA compliance framework that initially drove ING's interest in euro stablecoins, the finalized project promises comprehensive functionality including near-instant, low-cost payments, 24/7 cross-border settlements, and programmable payment capabilities. The stablecoin will support advanced features like supply chain management and digital asset settlements spanning securities to cryptocurrencies, positioning it as a cornerstone of European digital financial infrastructure rather than a simple payment token.
This development represents a significant evolution from ING's preliminary stablecoin exploration, addressing European concerns about US dollar stablecoin dominance while the official digital euro faces delays until 2029. The private-sector consortium's rapid progress from concept to concrete implementation demonstrates how traditional financial institutions have accelerated their digital asset integration, moving well beyond the cautious experimentation phase that characterized earlier reports about the project.
The ING consortium's announcement follows Deutsche Bank's recent regulatory breakthrough with its AllUnity venture, which secured BaFin approval to launch EURAU, an institutional-focused euro stablecoin through a partnership with asset manager DWS. This parallel development highlights the intensifying competition among European banks to establish market leadership in MiCA-compliant stablecoins, as institutions race to fill the void left by non-compliant alternatives like Tether's USDT being delisted from major European exchanges. While Deutsche Bank's EURAU targets institutional workflows and enterprise treasury operations, ING's broader nine-bank alliance appears positioned to serve both institutional and retail markets with its comprehensive payment infrastructure approach.
