Report: ING Working on Stablecoin Project With Other Banks

ING is reportedly working on a stablecoin project with other banks and crypto service providers.

The Dutch bank launched the project after the implementation of the Markets in Crypto-Assets (MiCA) regulation last year created an opportunity to issue regulated stablecoins in the European Union (EU), CoinDesk reported Tuesday (April 22), citing unnamed sources.

Reached by PYMNTS, ING declined to comment on the report.

The EU’s implementation of MiCA’s provision for stablecoins put the EU at the forefront of crypto regulation, PYMNTS reported in July.

Having stricter disclosure requirements, regular audits of crypto firms and more robust capital reserve requirements will provide the regulatory clarity crypto and Web3 firms had been asking for and help build trust and transparency across the marketplace.

French bank Societe Generale opened its euro-backed stablecoin to retail investors in 2024, PYMNTS reported in December.

The bank’s integrated and regulated subsidiary, Societe Generale-Forge said in July that it updated its EUR CoinVertible (EURCV) stablecoin to comply with the MiCA regulation and allow its widespread adoption and distribution.

“Robust and regulated stablecoins are essential to the proper functioning, security and institutionalization of crypto-asset markets,” Societe Generale-Forge CEO Jean-Marc Stenger said in a July 1 press release. “With EUR CoinVertible, and the implementation of the European MiCA regulation, SG-Forge is strengthening its offering to crypto ecosystems while continuing to develop innovative cross-border settlement and payment solutions based on blockchain technology for its corporate and financial institution clients.”

Stablecoin issuer Circle said in July that it attained an Electronic Money Institution (EMI) license from the French banking authority, thereby achieving compliance with the MiCA regulatory framework and enabling it to issue USDC and EURC stablecoins in compliance with MiCA’s regulatory obligations for stablecoins or eMoney tokens.

Circle CEO and Co-founder Jeremy Allaire said in a July 1 press release that the achievement is “a huge milestone in bringing digital currency into mainstream scale and acceptance.”

“By working closely with French and EU regulators, we are now able to offer both USDC and EURC as fully compliant dollar and euro stablecoins to the European market, unlocking the enormous potential of digital assets to transform finance and commerce.”