Dutch Bank ING Said to Be Working on a New Stablecoin With Other TradFi and Crypto Firms
Dutch bank ING is working on a stablecoin, looking to take advantage of Europe’s new cryptocurrency regulations that came into force last year, according to two people with knowledge of the plans.
ING’s stablecoin project could take the form of a consortium effort involving other banks and crypto service providers, both people said.
“ING is working on a stablecoin project with a few other banks. It’s moving slow as multiple banks need board approval to set up a joint entity,” one of the sources said.
ING declined to comment.
Europe’s Markets in Crypto Assets regime [MiCA] requires stablecoin issuers across EU member countries to hold an authorization license, while promoting the potential of euro-denominated stablecoins (the vast…
