Ing Enters European Stablecoin Market to Compete with Société Générale

Dutch bank ING is developing a stablecoin, aiming to leverage Europe's new cryptocurrency regulations that took effect last year, according to CoinDesk. The project may involve a consortium with other banks and crypto service providers. This move positions ING to compete with French lender Société Générale in the European stablecoin market. Europe's Markets in Crypto Assets regime (MiCA) mandates authorization for stablecoin issuers across EU member countries. It also encourages euro-denominated stablecoins. MiCA's regulations, requiring significant reserves in European banks, have bolstered offerings like Circle's EURC against Tether, according to JPMorgan earlier this year.