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BBVA and others have taken significant steps, prompting many global financial institutions to turn towards cryptocurrencies. The undeniable opportunities in this field and the ongoing transformation in digital finance are influencing radical decisions. Unlike the 2021 metaverse narrative, banks are establishing their own cryptocurrency operations, indicating a shift beyond simple advertising and marketing.
ING Bank and Cryptocurrency Ventures
Reports indicate that Dutch banking giant ING is collaborating with other financial companies and crypto initiatives to work on a new stablecoin issuance. This trial, leaked by insiders familiar with the matter, will involve a consortium that includes several banks alongside crypto firms.
With the implementation of MiCA, cryptocurrency regulations have become clearer for the 27 EU member states. This development has also led to the establishment of a legal framework that allows traditional financial companies to enter the crypto space. A knowledgeable source stated:
“ING is working on a stablecoin project alongside a few other banks. The slow progress is due to the requirement for board approval to create a shared asset among multiple banks.”
Given that almost all current stablecoins are dollar-pegged, it would not be surprising to see new euro stablecoins encouraged by the European Union and issued by major financial players in the EU. The dominance of the dollar in cryptocurrencies may be viewed as a long-term risk to the EU in relation to other currencies.
Although there are compliant, licensed stablecoins like Circle’s euro stablecoin EURC, we can expect to see many more in the near future. The next phase will likely involve banks like ING offering direct crypto services to their clients.
