Nine major european banks have joined forces to launch a euro-denominated stablecoin regulated under the trading block’s Markets in Crypto Assets regime (MiCA).

The banking giants involved are: ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International.

Earlier this year, CoinDesk reported that Dutch bank ING was working on a stablecoin project with some other financial institutions.

This week, French bank SocGen’s Forge subsidiary, which was the first big bank to launch a euro stablecoin under MiCA, announced that its USD-denominated stablecoin USDCV had chosen Bullish Europe as the first venue to list the token.

This digital payment instrument, leveraging blockchain technology, aims to become a trusted European payment standard in the di

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