Dutch bank giant collapsed at a euro-stundled Stablecoin in collaboration with other traditional financial institutions and crypto service providers, Coindesk reported On April 22, with reference to people who are familiar with the case.
According to the report, the Stablecoin effort could take the form of a consortium, although the progress has been slow because several participating companies are waiting for approvals at board level. ING refused to comment.
Mica catalyze with euro-stuck stabilecoins
The project follows the EU markets in the regulation of crypto-assets (MICA), which was put into force last year and introduced a uniform legal framework for digital asset activities in the 27-person block.
For Stablecoin-Emenniten, Mica Mica, regular disclosures and fully collateral reserves that are held with European banks, conditions that have encouraged banks to enter a space that once dominated by crypto-native companies.
Société Générale became the first major European bank to launch a regulated Stablecoin through his SG Forge division. Circle’s Euro-Pegged EURC has also received an early momentum under Mica, unlike US Dollar Stablecoins such as USDT, which are confronted in the region.
Wall Street Giant JPMorgan recently said in a research memorandum that the requirements of Mica already reformed the competitive landscape for stablecoins in Europe by promoting transparency and compliance.
Tradefi sees a chance in Stablecoins
Stablecoins are gaining strength in traditional finances, with a growing number of established banks that launch or plan their own digital tokens.
Standard Chartered supports a Hong Kong Dollar-Pegged Stablecoin to streamline cross-border payments, while American institutions such as Bank of America have announced Stablecoin ambitions pending the clarity of the regulations.
Custodia Bank and Vantage Bank recently launched Avit, the first US Bank-published Stablecoin on a public blockchain, and FV Bank, based in Puerto Rico, reported that the use of Stablecoin is on its way to surpass traditional rails.
As regulating frameworks grow up, banks start to position Stablecoins as a core infrastructure for faster, cheaper and programmable financial services.
