Nine major European banks – ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International, launched a digital payment instrument – the Markets in Crypto-Assets Regulation “MiCAR.”
The instrument is expected to outpace blockchain technology, to become a trusted European payment standard in the digital ecosystem.
The stablecoin will provide near-instant, low-cost payments and settlements. It will also be accessible 24/7 and become a cross-border payment system.
It is expected to be issued in mid 2026.
The stablecoin consortium, with the mentioned banks as founding members, has formed a new company in the Netherlands, aiming to be licensed and supervised by the Dutch Central Bank as an e-money institution. The consortium is open to additional banks joining.
A CEO is expected to be appointed in the near future, subject to regulatory approval.
Fiona Melrose, Head of Group Strategy and ESG at UniCredit said “at UniCredit, we believe in the importance of a stronger Europe and in the power of constructive dialogue and collaboration. By joining this consortium of leading European banks, we are contributing to fill the need for a trusted, regulated solution for on-chain payments and settlement, paving the way for a new standard in the digital asset space that will support Europe’s growth and financial sovereignty. This reflects our conviction that Europe will prosper when its institutions work together.”
Picture: LinkedIn