ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International are carrying on the project
Unicredit, Banca Sella, ING, KBC, Danske Bank, DekaBank, SEB, CaixaBank, and Raiffeisen Bank International said that by 2H26 they will issue a Euro-linked stablecoin compliant with EU Markets in Crypto-Assets Regulation (MiCAR) that aims to become a reliable European standard for payments in the digital ecosystem (Banca Sella and Unicredit).
The consortium of banks created a Netherlands newco that will soon appoint a ceo and applied for the licence of electronic money institution under the supervision of the Dutch Central Bank. Further banks can join the newco that is waiting for the approval of the regulators.
The banks aim to provide an European alternative to the US-dominated stablecoin market, contributing to Europe’s strategic autonomy in payments. Individual banks will be able to provide value-added services, such as stablecoin wallets and custody services.
Fiona Melrose, UniCredit head of Group Strategy & ESG, said: “We believe in the importance of a stronger Europe and the power of constructive dialogue and collaboration. By joining this consortium of leading European banks, we are helping to meet the need for a trusted and regulated solution for on-chain payments and settlement, paving the way for a new standard in digital assets that will support Europe’s growth and financial sovereignty. This reflects our belief that Europe can prosper when its institutions work together.”
Andrea Tessera, Chief Innovation Officer of Sella, added: “We always stood out for our innovative approach aimed at imagining and building the future to come, looking at customers’ needs and not only at market opportunities. For the past three years we focused on DLT and digital asset technologies with a dedicated competence centre, because we are convinced that the convergence between traditional and decentralised finance is the key to developing new service models. Our entry into the European stablecoin consortium, which we supported from the outset, is one of the crucial steps in our strategic digital asset journey: our goal is to offer innovative solutions that make financial transactions simpler and more efficient, both in the European market and at scale”.
Since October 2024, the supervision of crypto-assets in Italy is the responsibility of the country’s Central Bank and Consob (see here a previous post by BeBeez and the synthetic note). Bankitalia oversees payment systems in bitcoin, stablecoins and other digital currencies, while Consob checks for market abuse relating to crypto-assets and delays in public disclosure of inside information in compliance with MiCAR and UE Rule 2023/1113 for Transfer of Funds Regulation recast – TFR recast that also provides anti money laundering guidelines.
In June 2025 The Italian Government extended the temporary regime for the registered VASPs (Virtual Asset Service Providers) that report to OAM (Italian Agents and Brokers Organisation) (see here a previous post by BeBeez). VASPs will be able to continue their activities until 30 June 2026, provided they apply for authorisation as CASPs (Crypto Asset Service Providers) are part of a group that submits such an application either in Italy or in another EU Member State for becoming MiCAR compliant by 30 December, Tuesday.
