📊European banks form company to launch euro stablecoin

[TradingPuzzles]

European banks form company to launch euro stablecoin

A consortium of nine European banks, including ING (INGA.AS), and UniCredit (CRDI.MI), said on Thursday they are forming a new company to launch a euro-denominated stablecoin, a move that signals mainstream finance's shift to embrace digital markets.

The company will be based in Amsterdam, a spokesperson for DekaBank, another of the participating institutions, said. Its stablecoin is expected to launch in the second half of next year, the consortium said in a statement.

Stablecoins are digital tokens designed to keep a constant value and are backed by traditional currencies such as the U.S. dollar or euro. They are used in digital payments and cross-border transactions, particularly in emerging markets, and as a means of bringing stability to exchanges of volatile cryptocurrencies.

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[JanEmil]

Who want a stable coin own by a bank? Not crypto people I think. But good start.