Dev Global Bank Plans to Launch New Coin for Europe! - Coin Bulletin

Dutch bank ING is working on a stablecoin project to take advantage of Europe’s new cryptocurrency regulations that came into effect last year.

One of the sources stated that ING's stablecoin project is progressing with several banks and that the reason for the slow progress of the project is that approval must be obtained from the board of directors of each bank. ING refused to comment on the matter. It is also expected that ING will collaborate with some other banks and crypto service providers on this project.

Europe's Crypto Assets Market regulation (MiCA), while mandating licenses from stablecoin issuers in EU member states, also encourages the potential of euro-based stablecoins. Most stablecoins currently in circulation in the market are pegged to the U.S. dollar. MiCA's stablecoin regulations also require issuers to hold significant reserves in European banks, which gives Circle's euro-pegged stablecoin EURC an advantage over its rival Tether.

ING's entry into the stablecoin market in Europe may lead to a new competition in this area, following French bank Société Générale becoming the first major bank to offer stablecoins through its SG Forge innovation division.