USDT competition? DekaBank and Co. develop euro stablecoin

• Nine of Europe's largest banks have joined forces to develop a common euro stablecoin, according to information obtained by BTC-ECHO.
• DekaBank, ING, Banca Sella, KBC, Danske Bank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International are participating in the project.
• The digital payment method is intended to comply with the requirements of the Europe-wide MiCA regulation and be established as a trusted payment standard in the European digital ecosystem.
• The market launch is planned for the second half of 2026.
• For this purpose, the participating institutions founded a new company in the Netherlands. This company will be licensed and supervised as an e-money institution by the Dutch central bank.
• According to the consortium, the appointment of a management team is imminent.
• The consortium emphasizes that the initiative is open to all interested European banks. Its goal is to create an alternative to the previously US-dominated stablecoin markets and to strengthen Europe's strategic autonomy in payments.
• “Digital asset markets are rapidly evolving from niche to mainstream. To realize their full potential for businesses and the financial industry, a digital on-chain settlement medium is essential. An industry-wide approach offers significant advantages,” said Marion Spielmann, COO of Banking Business Units and Custodian at DekaBank.
• The nine banks are following Deutsche Bank's example. Its subsidiary AllUnity issued the first German euro stablecoin this summer.
• We have analyzed why the EURAU stablecoin is a game changer for Europe's crypto financial center here: What the first German stablecoin means for Europe.

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