A consortium of nine European banks has announced the establishment of a new company that will issue a “euro-denominated” cryptocurrency backed by traditional financial assets. The aim is to create a European alternative to the cryptocurrency markets currently dominated by the US, and to strengthen Europe’s strategic autonomy in payment transactions.
Participating banks include Italy’s UniCredit and Austria’s Raiffeisen Bank International, along with Belgium’s KBC, Denmark’s Danske Bank, Germany’s DekaBank, Sweden’s SEB, Spain’s CaixaBank, and other European banks are likely to join. The new company will be based in the Netherlands and will operate under a license and supervision by the Dutch central bank as an electronic money institution.
The launch of this cryptocurrency is planned for the second half of 2026. The digital money will be tied to standard currencies such as the euro, but also possibly to commodities such as gold and silver, and to various financial instruments to avoid sudden fluctuations in value.
According to the bank’s statement, the cryptocurrency will enable fast and cheap payments 24 hours a day, efficient cross-border transactions, automated payments, and improvements in supply chain management and digital asset processing. Relying on blockchain technology will ensure a publicly available record of all transactions, thereby increasing transparency and security.
Currently, the leading positions in the international market of similar cryptocurrencies are occupied by the American Tether, Circle and Ripple. In the USA, in mid-July, Donald Trump signed the “GENIUS Act”, which prescribes 100 percent liquid asset coverage and monthly reserve reports for cryptocurrency issuers. The law should further strengthen the dollar as the world’s reserve currency.
The European consortium wants to create its own digital alternative, which would reduce dependence on American solutions and enable greater control over European payment transactions. The new project signals the EU’s serious intention to position itself in the growing digital financial ecosystem and respond to accelerated global digitization.
