ING Bank Pursues Collaboration on New Stablecoin with Financial Institutions

Key Highlights:

Europe’s MiCA regulations facilitate banks to issue regulated stablecoins throughout the 27-state trading bloc.
ING’s entry into the stablecoin market introduces competition against French bank Société Générale.

Overview

Dutch financial institution ING is reportedly in the process of developing a stablecoin, leveraging Europe’s recent cryptocurrency regulatory framework established last year. According to two individuals knowledgeable about the project, ING’s stablecoin initiative may involve a cooperative effort with other banks and crypto service providers.

“ING is working on a stablecoin project with a few other banks. It’s moving slowly as multiple banks need board approval to set up a joint entity,” one source shared.

ING has chosen not to comment on the specifics of the initiative.

Regulatory Context

The Markets in Crypto Assets (MiCA) regime necessitates stablecoin issuers operating within EU member states to obtain an authorization license while fostering the promise of euro-based stablecoins—contrasting with the predominately USD-pegged offerings available today.

According to a recent report, MiCA’s guidelines demand that stablecoin issuers maintain substantial reserves in European banks, thereby fortifying compliant options like Circle’s euro stablecoin (EURC) over its rival Tether, as noted in JPMorgan’s early 2025 analysis.

With ING entering the European stablecoin space, it stands to compete with established player Société Générale, which notably issued its stablecoin through its SG Forge innovation division.