Major financial institutions are increasingly embracing cryptocurrency, with several banks taking concrete steps to launch their own stablecoin projects. Driven by the immense opportunities presented by this burgeoning field and the evolving landscape of digital finance, banks are actively forging their own paths in the crypto sphere. In contrast to past metaverse-related hype, these banks are establishing dedicated cryptocurrency operations, signaling a departure from mere promotional efforts.
For example, Dutch banking giant ING has partnered with other financial institutions and cryptocurrency players to develop a new stablecoin issuance program. These trials have been leaked by sources close to the matter, suggesting an alliance between banks and crypto firms.
The introduction of MiCA regulations in the 27 EU member states has paved the way for traditional financial companies to navigate the complex world of cryptocurrencies. This legal framework serves as a blueprint for accessing this innovative space. A knowledgeable source commented:
“ING is working on a stablecoin project alongside several other banks, although the slow progress stems from the need for board approval to establish a shared asset amongst multiple institutions.”
With almost all existing stablecoins being dollar-pegged, it’s plausible to see new euro-based stablecoins emerge thanks to initiatives by the European Union and supported by major financial players within the EU. This move could disrupt the current dominance of the US dollar in the cryptocurrency sphere, potentially leading to a more balanced global financial landscape.
Beyond these developments, we anticipate banks like ING offering direct crypto services to their customers in future.