Nine European banks partner to develop euro-based stablecoin

A consortium of nine major European banks has begun developing a euro-based stablecoin in a move to counter the U.S. dollar's dominance in the global market, Bloomberg reported. The group includes UniCredit, ING, DekaBank, Banca Sella, KBC Group, Danske Bank, SEB, CaixaBank, and Raiffeisen International. The stablecoin is targeted for launch in the second half of 2026. The consortium stated that the project aims to strengthen Europe's strategic autonomy in payments by providing a European alternative in the dollar-centric market.