Nine major European banks are establishing a Netherlands-based company to launch a euro-backed stablecoin in 2026, aiming to provide a European alternative to the U.S.-dominated stablecoin market, which currently sees euro-denominated stablecoins at just $620 million compared to nearly $300 billion in total global issuance. ECB President Christine Lagarde has raised concerns about privately issued stablecoins, advocating instead for a digital euro, as banks like ING and UniCredit join the initiative.
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