Dutch Bank Ing is working on a stablecoin, seeking to take advantage of the new cryptocurrency regulations in Europe that entered into force last year, according to two people with knowledge of the plans.
The ING Stablecoin project could take the form of a consortium effort that involves other banks and suppliers of cryptographic services, both people said.
“ING is working on a Stablecoin project with some other banks. It moves slowly as multiple banks need the approval of the Board to establish a joint entity,” said one of the sources.
Ing declined to comment.
Europe’s markets in the cryptographic asset regime [MiCA] It requires that Stablecoin issuers in the EU member countries have an authorization license, while promoting the potential of the stables called in euro (the vast majority of the stable in circulation are linked to the US dollar).
The Mica Stablecoin rules, which also require that the issuing issues maintain significant reservations in European -based banks, have strengthened the offers of confogios such as the EURCOIN EURC euro EURC of Circle on its main rival, according to a note earlier this year of JPMorgan.
Banks such as In, entering the European Stablcoin neighborhood means that the French lender Société Générale, the first big bank that offers a stablecoin through its SG Forge Innovation division, will soon have some competition.
Read more: Stablecoin Market could grow to $ 2T at the end of 2028: Standard Chartered
