Group 1 - BNP Paribas is joining nine other European banks in a joint venture to issue a stablecoin, reflecting traditional financial firms' interest in the growing digital asset market [1][2] - The initiative, named Qivalis, is based in Amsterdam and includes banks such as ING, UniCredit, and CaixaBank, with plans to launch the stablecoin in the second half of 2026 [2][5] - The venture aims to create a blockchain-native digital payment infrastructure in Europe that complies with the EU's Markets in Crypto-Assets (MiCA) regulations, focusing on corporate client needs [3][4] Group 2 - Stablecoins are gaining popularity as a cost-effective and faster alternative for cross-border payments, with the ten banks seeking to provide an alternative to dominant dollar-pegged stablecoins like USDT and USDC in the $300 billion market [4] - Euro-denominated stablecoins have struggled, with a total supply of only $670 million; Société Générale's euro token (EURCV) has a market value of $62 million, while Circle Internet's EURC leads with $330 million [5] - Qivalis is developing its governance framework and anticipates receiving regulatory approval before its planned launch in 2026 [5]

Core Insights - A multinational digital assets bank, AMINA, has received approval from Austria's Financial Market Authority (FMA) to operate as a Crypto-Asset Service Provider (CASP) under the EU's Markets in Crypto Assets (MiCA) regulations, allowing it to expand its crypto offerings in Austria and across Europe [2][7]. Group 1: Regulatory Developments - The CASP license enables AMINA to provide services such as digital assets trading, staking, custody, and portfolio management [3]. - The EU's MiCA regulations will fully take effect in late December 2024, with firms required to obtain MiCA approval by July 2026 to continue operations in the region [5]. - Non-compliance with MiCA regulations could result in fines exceeding €1.2 billion ($1.4 billion) this year [5]. Group 2: Market Impact - Trading volumes on MiCA-compliant exchanges are projected to exceed $2.3 trillion, reflecting a 40% increase from 2024 [6]. - The European Securities and Markets Authority (ESMA) may gain oversight similar to the U.S. SEC over the digital assets market, which could enhance competitiveness and attract startups and investors to the region [6]. Group 3: Company Developments - AMINA Bank has already begun offering crypto services under Swiss regulations and recently became the first to offer Polygon (POL) staking with enhanced yields [3][4].

Group 1 - Nine European banks have formed a consortium to launch a euro-backed stablecoin, expected in the second half of 2026, including major players like ING, Banca Sella, and UniCredit [1][2] - The stablecoin will be regulated under the EU's Markets in Crypto Assets (MiCA) framework, aiming to provide a European alternative to the US-dominated stablecoin market [1][3] - A new company has been established in the Netherlands to manage the stablecoin project, with plans to obtain licensing as an e-money institution from the Dutch Central Bank [2][4] Group 2 - The stablecoin is designed to facilitate near-instant transactions at lower costs, enhancing access to cross-border payments and digital asset settlements [3][4] - The European Central Bank (ECB) has noted that euro-denominated stablecoins currently have a market capitalization of less than €350 million ($410 million), highlighting their marginal presence compared to US dollar-based stablecoins [6] - ECB President Christine Lagarde has called for stricter regulations on non-EU stablecoin issuers to address gaps in the MiCA framework, amid increasing pressure for a digital euro [6][7]