European banking consortium to develop MiCA-compliant euro stablecoin

A consortium of 12 European banks is partnering with Fireblocks to develop a euro stablecoin compliant with the Markets in Crypto-Assets (MiCA) regulation, Cointelegraph reported. The project, approved by the Dutch central bank, aims to launch in the second half of this year and will be designed with a 1:1 reserve-backed structure. The stablecoin will support institutional payment fund management and the use of tokenized assets as part of a broader strategy within the European financial sector to reduce its reliance on U.S. dollar-based stablecoins.