DeutschEurope is preparing for the digital age of money. Nine of the continent’s leading banks, including Germany’s DekaBank, want to develop a euro stablecoin. The timeline is ambitious: the new currency should be ready to launch as early as the second half of 2026.
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The project is more than a technical experiment. It is an attempt to strengthen Europe’s role in global payments – and reduce its dependence on American crypto giants. Today, Tether (USDT), Circle (USDC) and Ripple (XRP) dominate the market. In the USA, these providers benefit from comparatively lax regulation, most recently supported by political decisions by President Donald Trump. In Europe, on the other hand, the ECB is working on the digital euro, but the project is stalling. This is exactly where the banking consortium wants to start.
Euro Stablecoin: What It’s all About
In addition to DekaBank, UniCredit and Banca Sella from Italy, ING from the Netherlands, CaixaBank from Spain, KBC from Belgium, SEB from Sweden, Danske Bank from Denmark and Raiffeisen Bank International from Austria are participating. It is noticeable who is missing: Neither Deutsche Bank nor Commerzbank is part of the initiative. However, the consortium is open to further members.
The planned euro stablecoin is intended to enable fast and cost-effective transactions around the clock. Possible examples include cross-border transfers, which often take days and incur high fees. In addition, the banks promise programmable payments – for example for supply chains or automated settlements in securities trading. A Deka spokesman spoke of «a step towards greater efficiency and European independence.»
Legally, the Euro stablecoin project will be anchored in the Netherlands. A new company is to be established there, which will be licensed and supervised by the Dutch central bank as an e-money institution. The stablecoin will meet the requirements of the European MiCAR regulation – a crucial point, as the EU is currently trying to regulate the uncontrolled growth in the crypto market.
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The fact that the initiative comes not from start-ups, but from heavyweights in the banking world, is remarkable. Stablecoins have so far been regarded more as a playground for tech companies and crypto pioneers. Now it is the conservative institutions that are discovering the blockchain for themselves. By combining digital technology and traditional banking, the Euro stablecoin project could provide the seriousness that many crypto projects have lacked so far.
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But it remains a race against time. While Europe is still planning, US providers have long since moved billions in volume and built networks that extend far beyond the crypto scene. Whether a euro stablecoin can actually conquer market share therefore depends not only on the technology, but also on trust and acceptance.
One thing is clear: the euro stablecoin is a political signal. Europe does not want to be just a spectator in the digital financial system. If the project succeeds, payments in the EU could become as easy, fast and cheap as a message in the messenger. If it fails, Europe will remain dependent on dollar-based solutions. (mck)
