ING Bank in the Netherlands is collaborating with traditional financial institutions to develop a new type of stablecoin

According to BlockBeats, on April 22nd, according to two informed sources, ING Bank in the Netherlands is working on developing stablecoins to seize the market using the new regulatory framework for European cryptocurrencies. Two sources said that ING's stablecoin project may take the form of a banking consortium, jointly promoted with other financial institutions and cryptocurrency service providers. The EU's Crypto Asset Market Regulation (MiCA) requires stablecoin issuers in member states to hold authorized licenses and prioritize support for euro denominated stablecoins (the vast majority of currently circulating stablecoins are anchored in the US dollar). According to a report by JPMorgan at the beginning of the year, MiCA's requirement for issuers to hold sufficient reserves in European banks gives Circle's Euro stablecoin EURC a compliance advantage over its main competitor Tether. The entry of traditional banks such as ING means that Soci é t é G é n é rale will face competitive pressure - the bank was the first to launch a bank stablecoin through its innovation division SG Forge.