Launch Of Euro-Backed Stablecoin In H2 2026? Nine European Banking Giants Join Forces

Core Insights - Nine major European banks are collaborating to launch a euro-backed stablecoin under the EU's MiCA framework, aiming for a rollout in the second half of 2026 [1] - The initiative is expected to provide a European alternative to US dollar-denominated stablecoins, enhancing Europe's strategic autonomy in payments [1] - The stablecoin will facilitate near-instant, low-cost payments and settlements, enabling 24/7 access to efficient cross-border payments and improvements in supply chain management [1] Group 1 - The collaboration is open to additional banks, indicating potential growth in participation beyond the initial nine [2] - The stablecoin aims to establish a trusted European payment standard in the digital ecosystem, leveraging blockchain technology [2] - The project is led by a newly formed company in the Netherlands, seeking licensing from the Dutch Central Bank as an "e-money institution" [3] Group 2 - Digital payments are highlighted as crucial for new euro-denominated payments and financial market infrastructure, offering efficiency and transparency [3] - A 2024 analysis by Kaiko Research indicates a growing demand for euro-backed stablecoins in European markets, suggesting a shift in crypto trading dynamics [4]