Nine major banks in Europe - including ING, Banca Sella, KBC, Danske Bank, Deka Bank, UniCredit, SEB, Caixa Bank and Raiffeisen Bank International - have launched a plan to create a euro-denominated stabilization currency that is regulated by the European Union's Code of Encrypted Asset Markets (MiCA). The aim of the stabilization currency project, which uses block chain technology, is to become a credible European payment standard in the digital ecosystem.
According to the press release issued on Thursday, this initiative not only provides a genuine European alternative to the United States-led stable currency market, but also enhances European strategic autonomy in the area of payments. The project commits to providing near-immediate and low-cost transactions and to improving all-weather, efficient cross-border payments, programmable payments and supply chain management and digital asset settlement.
It is expected that the stabilization currency under MiCA supervision will be released for the first time in the second half of 2026. The Stability Currency Union, a founding member of the above-mentioned banks, has established a new company in the Netherlands with the aim of obtaining the approval and supervision of the Electronic Monetary Agency of the Central Bank of the Netherlands. In addition, the Union is open to other banks and will appoint a Chief Executive, subject to the approval of the Supervisory Authority.
Banks will be able to provide value-added services, such as stabilization wallets and hosting services. The digital asset owner of ING, Floris Lugt, states: “Data payments are essential for the new euro-denominated payments and financial market infrastructure. They provide significant efficiency and transparency through the programmable characteristics of block chain technology.”