ING Bank Prepares to Launch Euro Stablecoin Amid MiCA Regulation
Europe’s MiCA regulation is paving the way for major banks to enter the stablecoin market. Dutch banking giant ING is reportedly gearing up to launch a Euro-based stablecoin.According to a CoinDesk report on April 22, ING is forming a consortium with other banks to develop this new digital currency.
While ING hasn’t officially commented, sources close to the matter confirm the plans are in motion. Though, progress is slow as the group awaits regulatory approval to establish a joint entity.
ING isn’t alone in this venture. Société Générale’s subsidiary, SG FORGE, has already launched its euro-backed stablecoin on the Stellar network. The MiCA regulation, which sets strict rules for stablecoin issuance, has cleared the path for banks like ING.
Notably,the regulation has driven out big players like Tether. Meanwhile, the European Central Bank’s CBDC is still awaiting approval, creating an prospect for private solutions.
the ECB aims to launch the Digital Euro by October,but it faces resistance from the European Commission and member states skeptical of a EU-wide CBDC.
Meanwhile, the U.S. is catching up with its STABLE Act, which regulates stablecoin issuance. this has attracted players like Visa, experimenting with stablecoins for card settlements.
Thes developments highlight the growing interest in stablecoins as banks and financial institutions seek to innovate in the digital currency space.
