According to CoinDesk
According to reports from two informed sources cited by CoinDesk, the Netherlands’ renowned financial institution ING is developing a stablecoin, seeking to leverage the new European cryptocurrency regulations that were implemented last year.
Both informed sources indicated that ING’s stablecoin project may proceed in the form of a consortium involving other banks and cryptocurrency service providers. One of the sources stated:
European Regulations
The European Markets in Crypto-Assets Regulation (MiCA) requires that all issuers of stablecoins in EU member states must hold an authorized license, while also encouraging the development of stablecoins pegged to the euro. Currently, most stablecoins in the market are pegged to the US dollar.