ING's stablecoin project signals growing interest from traditional banks as MiCA reshapes Europe's crypto landscape.
Dutch Banking giant ING is reportedly developing a stablecoin compliant with the European Union's Markets in Crypto-Assets (MiCA) regulation. ING is working with a group of other financial institutions to set up a consortium that would eventually launch a MiCA-compliant euro-pegged stablecoin, as per a CoinDesk report. While ING has declined to officially comment on the project, the sources have confirmed in the report that the initiative is already in motion. However, they added that progress has been slow, largely because the participating banks are still seeking regulatory approvals to establish a joint entity under the European Union's crypto framework. If successful, ING's stablecoin would put it in direct competition with France's Société Générale, which launched its compliant token through SG Forge. While Société Générale was among the first movers, it looks like other major players are preparing to follow now that MiCA is in effect. Crypto firms struggle to comply Copy link to section MiCA has been touted as the European Union's answer to a comprehensive crypto framework, which…