According to ChainCatcher, citing CoinDesk, ING (International Netherlands Group) is developing a stablecoin product and plans to launch its business under the new regulations of the EU's Markets in Crypto-Assets (MiCA) regulation.
Informed sources revealed that the stablecoin project may be conducted in a consortium format, collaborating with other banks and crypto service providers. Currently, the project is progressing slowly, as multiple banks need to obtain board approval to establish a joint venture entity.
The EU's MiCA regulation requires stablecoin issuers to obtain authorization and maintain sufficient reserves in European banks. Previously, Société Générale had already launched a stablecoin business through its innovation division, SG Forge. ING's entry will bring new competition to the European stablecoin market.
