TechFlow, April 22 — According to CoinDesk, ING is developing a stablecoin product and plans to launch operations under the European Union's Markets in Crypto-Assets Regulation (MiCA).
Insiders revealed that the stablecoin project may be carried out via a consortium model, collaborating with other banks and crypto service providers. The project is progressing slowly, as multiple banks require board approval to establish a joint venture entity.
The EU's MiCA regulation requires stablecoin issuers to obtain authorized licenses and hold sufficient reserves in European banks. Previously, Société Générale launched its stablecoin business through its innovation arm SG Forge. ING's entry will bring new competition to Europe's stablecoin market.
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