Nine major banks in Europe join forces to launch a euro stablecoin, senior team revealed.

NonFungibleDegen

2025-12-02 10:40:21

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[Coin World] The team lineup of the European Stablecoin Alliance has finally been finalized. On December 2nd, it was announced that Jan-Oliver Sell, who previously worked at a leading exchange's German branch, will serve as CEO, Floris Lugt, head of ING's digital asset business, will take over financial authority, and former Chairman of the UK National Westminster Bank, Howard Davies, will sit on the board.

This alliance is quite significant - ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International, a total of 9 European banking giants announced in September this year that they are joining forces to do something big: create a euro stablecoin regulated under the MiCA framework. Recently, BNP Paribas has also joined in.

Why the rush? To put it bluntly, it's about not wanting the United States to continue dominating the digital payment space. The Europeans want to use their own rules and their own coins to regain control in the Web3 payment arena.

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