Nine European Banks Form Consortium to Launch Euro-Backed Stablecoin #
Nine of Europe’s largest banks — including BBVA, BNP Paribas, Deutsche Bank, ING, Intesa Sanpaolo, KBC, NatWest, Santander, and Société Générale — have announced the creation of a consortium to issue a euro-denominated stablecoin. The initiative aims to deliver a regulated, bank-backed digital asset that can be used for both retail and wholesale payments, while supporting Europe’s ambitions for financial sovereignty
The stablecoin will be issued under the EU’s MiCA regulatory framework, backed 1:1 with reserves held at participating banks, and designed to meet the highest standards of compliance, transparency, and consumer protection. The consortium highlights use cases such as cross-border settlements, e-commerce, and tokenised asset markets, positioning the stablecoin as complementary to the European Central Bank’s work on the digital euro
The banks stressed that the project is a collaborative step toward a common European payments infrastructure, reducing dependence on non-European stablecoins and strengthening the region’s role in digital finance innovation. Further details on pilot programs and rollout timelines will be released in the coming months.