Dutch bank ING reportedly plans to roll out Euro stablecoin

European mica regulations open opportunities so that large banks enter the market, and a bank has already taken note.

The Dutch banking giant would prepare to enter the Stablescoin Euro market. According to a Coindesk report on Tuesday, April 22, ING sets up a consortium with several other banks to develop and launch a stablecoin based on the Euro.

While I have refused to comment on the current plans, Coindesk cited two sources familiar with the case that confirmed that the process was underway. However, sources have noted that progress has been slow because the group awaits regulatory approval to establish a joint entity.

ING is not the only European bank to enter the Stablescoin market. On the one hand, the subsidiary of General Society, SG Forge, has already launched its own Euro stable On stellar.

Mica regulation opens the way to banks in the stablescoins

This decision hopes to take advantage of the European Union markets in the regulation of cryptographic assets, which establishes strict rules for the issue of Stablecoin. In particular, the regulations have led major market competitors, including the largest stable transmitter, Tether.

At the same time, the CBDC of the European Central Bank is still awaiting approval. This opens up a space for banks to offer private solutions to the EU fragmented payments network.

Although the ECB hopes to launch the digital euro by October this year, it has received a decline from the European Commission. Indeed, the Member States are much more skeptical of an CBDC on the EU scale.

Meanwhile, the United States also catches up with the EU to the regulation, because its stable act is currently in the approval process. The planned law, which would regulate the issue of Stablecoin, already attracts several players on the market.

This includes the visa, which is already experimentation With the use of Stacoceins for card establishments. The World Liberty Financial linked to Trump also launched its USD1 Stablecoinprovoking criticism of conflicts of potential interests.