Banks team up for European stablecoin

---

Nine European banks are working together on a euro-denominated stablecoin to rival dollar-pegged cryptocurrencies, the companies announced on Thursday. UniCredit, ING, Danske Bank, Banca Sella, Caixabank, DekaBank, KBC, SEB, and Raiffeisen Bank International have set up a new company in the Netherlands for the joint venture, which is open to other banks joining. The first issuance is scheduled for the second half of 2026. The stablecoin will offer "near-instant and low-cost" payments and facilitate transactions 24/7, writes ING. The banks said they wanted to create a European alternative in a market dominated by the US.