Ten major European banks are forming a consortium to launch a euro-backed stablecoin, with Amsterdam-based operations targeting a second-half 2026 debut. BNP Paribas and ING are spearheading this initiative alongside eight other financial institutions. Former banking executive Howard Davies has been appointed as chairman to oversee the project.

This move signals traditional finance's growing commitment to digital assets infrastructure. Unlike crypto-native stablecoins, this bank-led euro stablecoin could benefit from established regulatory frameworks and institutional backing. The 2026 timeline suggests a deliberate approach to compliance and technical integration.

If successful, this consortium might reshape how European financial institutions interact with blockchain rails. Whether it competes with or complements existing stablecoin ecosystems remains to be seen, but the involvement of heavyweight banks indicates serious capital and regulatory muscle behind the vision.