Dutch bank ING will launch a stablecoin in compliance with the MiCA law

Several other financial institutions and crypto service providers are partners in the project

22.04.2025 - 15:15

2 min

What’s new? Dutch bank ING has started to develop its own stablecoin that complies with the regulations of the EU-wide Markets in Crypto-Assets (MiCA) regulation. The stablecoin project may be realized in a consortium format involving other banks and crypto service providers.

Material by CoinDesk

What else is known? According to CoinDesk’s anonymous sources, the project is now moving slowly, as the partner banks need board approval for the joint venture.

The first major bank in Europe with its own stablecoin is France’s Société Générale. It is offering the EUR CoinVertible asset under the ticker EURCV through its innovative SG Forge unit from April 2023.

MiCA requires issuers to obtain licenses and hold their stablecoin reserves in European banks. Together with this, the law encourages the launch of euro-pegged stablecoins as opposed to the most popular US dollar-denominated coins.

EU regulator proposes to oblige insurance firms to hold 100% reserves for clients’ crypto assets

Officials deemed this necessary due to the high volatility of digital assets

In terms of capitalization, the largest euro-pegged stablecoins are Circle’s EURC, STASIS EURO (EURS), Société Générale’s EURCV, and Tether’s EURT. However, even the leader of the EURC list has a capitalization of less than $233 million.

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