European banks in the emerging stablecoin market in the region take a new launch

Consortium plans from European banks to launch Stablecoin can attract encrypted investors in the region to the fold of digital assets-may accelerate efforts to launch a digital version of the euro.

Unicreditand a jobPanca Sila, Kbcand Dansky BankDecabank, Siband Caixabank and Raiffeisen He said on Thursday that they are planning to launch the new Stablecoin offered by the euro in the second half of next year.

Stablecoins is a type of cryptocurrency designed to provide users with greater prices by adhering to the current FIAT – such as the dollar, the euro – or the commodity. This contrasts with bitcoin or ether, for example, which can often face sharp movements in the assessments.

Floris Lugt, digital assets in ing and a representative of the initiative, told CNBC that Stablecoin will provide effective, programmed and peer -based -based -based -based -based -based -based -based -based -based -based -based -based -based -based -based -based -based -based -based users

“They can settle around the clock throughout the week, all over the world immediately, or near that immediately. So it is a great benefit for international payments,” said Logut. “It is less expensive, and it is also transparent.”

Stablecoins in the United States is currently dominating the global market, as it represents about 99 % of the total market value, or $ 292 billion. The euro -provided Stablecoins is characterized by comparison, as the market cost is estimated at 500 million euros ($ 587 million).

Watch Tether, the largest Stablecoin dollar, The highest market ceiling is 172 billion dollars in recent times. It is closely followed by USDC Stablecoin from the Circle competition, which is about 74 billion dollars.

The new Euro Stablecoin company will be managed by the Netherlands -based company formed by the Union, and will be licensed and supervised by the Dutch Central Bankand According to the joint advertisement.

The latest Citi report, in the basic status scen 1.9 trillion dollars worldwide by 2030. Its total bull group was 4 trillion dollars.

“The Stablecoin leadership has been mature from its markets outside the US dollar,” Nick Pokerren, the encryption analyst, investor and co -founder of the currency office platform, told CNBC via email.

“While attempts were made to launch a Circle, for example, Circle with EURC-did not receive it anywhere near the same interest as the symbols cut in US dollars.”

It is a sign of the silent fragmentation appetite for Euro Stablecoins yet.

But a more organized product-the new supply under MICAR (markets in regulating encrypted assets)-can help enhance demand in the region between investors and more passionate European institutions.

“It may seem that Stablecoin, which was launched by a bank, may be less risky and gets more retail adoption,” said Bookerne.

However, it has been recognized that additional compliance and supervision can lead to the postponement of privacy and encryption advocates. “This is a double -edged sword,” he added.

The European Central Bank is in the process of developing a digital version of the euro, while the British Treasury said It will submit legislation on encryption assets, including stablecoins, before the end of the year.

Yorgen Shaf, infrastructure advisor and market payments at the European Central Bank, Warning in July The central bank’s control of the region’s cash conditions can weaken the dominance of the Stablecoins, and called for greater support for the organized euro stablecoins.

Bokerren said that the union’s launch may also accelerate a digital edition of the euro, which is not currently expected until 2029 as soon as possible, according to European Central Bank estimates.

“This is very slow to compete with the digital origins in dollars, and banks are well aware of it,” said Booker.

“The USD market is now exploding after they were Legitimacy via the genius lawAnd many American leaders are working on their own versions. It is reasonable to expect European banks to want this pie and profits that can come with them. “