EddieJayonCrypto
22 Apr 25
Dutch banking giant ING is developing a euro-backed stablecoin in collaboration with traditional financial institutions and crypto service providers, potentially as a consortium. This initiative aligns with the EU’s Markets in Crypto-Assets (MiCA) regulation, which sets a uniform legal framework for...
Dutch lender ING is developing a euro-backed stablecoin in collaboration with traditional financial institutions and crypto service providers, potentially forming a consortium. This initiative aligns with the EU's Markets in Crypto-Assets (MiCA) framework, which mandates licensing, regular disclosures, and fully collateralized reserves held with European banks.MiCA regulation, enacted across the EU’s 27-member bloc, sets a uniform legal framework encouraging banks to enter the stablecoin space once dominated by crypto-native firms. Major players like Société Générale have launched regulated stablecoins, while Circle’s euro-pegged EURC is gaining momentum. The regulation fosters transparency and compliance, reshaping the competitive landscape in Europe.Traditional financial institutions such as Standard Chartered, Bank of America, Custodia Bank, and Vantage Bank are also embracing stablecoin projects. These banks view stablecoins as essential infrastructure to enable faster, cheaper, and programmable financial services, especially for cross-border payments. As regulatory clarity improves, stablecoins are increasingly seen as a vital link between traditional finance and the evolving digital asset ecosystem.