Dutch Bank ING is working on a Stablecoin, seeking to take advantage of the new European cryptocurrency regulations that came into force last year, according to two people knowing the plans.
Ing’s Stablecoin project could take the form of a consortium effort involving other banks and cryptography service providers, the two people said.
“ING is working on a Stablecoin project with a few other banks. It is slowly evolving because several banks need approval from the board of directors to set up a joint entity,” said one of the sources.
Refused to comment.
European markets regime in cryptographic assets [MiCA] Requires that stablecoin issuers in EU member countries have an authorization license, while promoting the potential for staboins labeled in euros (the vast majority of staboins in circulation are set to the US dollar).
According to a note, according to a note, the start of this year of JPMorg, also reinforced the offers in accordance with important issuers in banks based on banks based in Europe, according to a note at the start of this year of JPMorgan.
Banks like ING come into the European space of Stablecoin mean that the French lender Société Général, the first large bank to offer Stablecoin through its SG Forge innovation division, will soon have a certain competition.
Read more: The Stablescoin market could reach 2 t $ by the end of 2028: Standard Charterd
