ING Group is collaborating with several institutions to develop a new stablecoin

ChainCatcher news, according to CoinDesk, ING (International Netherlands Group) is developing a stablecoin product and plans to launch it in accordance with the new regulations of the EU's Markets in Crypto-Assets (MiCA) Act.

Insiders reveal that the stablecoin project may be conducted in a consortium format, collaborating with other banks and crypto service providers. Currently, the project's progress is slow, as several banks need to obtain board approval to establish a joint venture entity.

The EU MiCA Act requires stablecoin issuers to obtain authorization and hold sufficient reserves in European banks. Previously, Société Générale through its innovation division SG Forge has launched a stablecoin business. ING's participation will bring new competition to the European stablecoin market.