European Union banks, including ING, UniCredit, BNP Paribas, CaixaBank and BBVA, are in talks about launching a MiCA-compliant euro stablecoin. The initiative aims to provide a European alternative to the U.S.-dominated stablecoin market, contributing to the EU's strategic autonomy in payments. The consortium is seeking authorization from the Dutch central bank under the EU’s Markets in Crypto-Assets framework. The stablecoin will be backed 1:1 by bank deposits and allocated to high-quality, short-term euro-area sovereign bonds across EU countries.