Emre Yumlu 
Dutch banking giant ING is said to be working on a new stablecoin project, aiming to capitalize on the evolving crypto regulatory landscape in Europe. According to two individuals familiar with the matter, the initiative may involve a consortium of traditional banks and crypto service providers.
ING Explores Consortium-Based Stablecoin Structure
One of the sources noted that “ING is running a stablecoin initiative together with a few other banks. Progress is slow because a joint structure requires approval from the boards of all involved institutions.” ING declined to comment on the matter.
MiCA Framework Opens New Possibilities
The European Union’s Markets in Crypto-Assets (MiCA) regulation came into effect last year, setting a comprehensive legal framework for digital assets. It mandates that stablecoin issuers must obtain licenses within the EU and encourages euro-denominated stablecoins to reduce dependency on dollar-backed alternatives.
MiCA also obliges issuers to hold substantial reserves in Europe-based banks, pushing the industry toward more regulated players. A recent note by JPMorgan highlighted how this shift has favored compliant offerings like Circle’s EURC over competitors like Tether.
Traditional Banks Entering the Arena
If ING’s stablecoin project moves forward, it will join the ranks of Societe Generale, which became the first major bank to issue a stablecoin via its SG Forge unit. The entry of ING may heat up competition in the emerging European stablecoin market.
As regulatory clarity increases across the EU, more traditional financial institutions appear ready to join the stablecoin race. ING’s involvement signals a broader trend where regulated banks are stepping into the tokenized money space with euro-backed solutions.
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