{"id":23305,"date":"2025-04-22T17:38:46","date_gmt":"2025-04-22T14:38:46","guid":{"rendered":"https:\/\/forklog.com\/en\/ing-banks-mica-compliant-stablecoin-initiative-unveiled\/"},"modified":"2025-04-22T17:38:46","modified_gmt":"2025-04-22T14:38:46","slug":"ing-banks-mica-compliant-stablecoin-initiative-unveiled","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ing-banks-mica-compliant-stablecoin-initiative-unveiled\/","title":{"rendered":"ING Bank&#8217;s MiCA-Compliant Stablecoin Initiative Unveiled"},"content":{"rendered":"<p>Dutch banking giant ING is developing a &#8220;stablecoin&#8221; in alignment with European MiCA regulations, according to <a href=\"https:\/\/www.coindesk.com\/business\/2025\/04\/22\/dutch-bank-ing-said-to-be-working-on-a-new-stablecoin-with-other-tradfi-and-crypto-firms\">CoinDesk<\/a>, citing its own sources.<\/p>\n<p>The initiative may take the form of a consortium involving other financial institutions and cryptocurrency service providers, the publication&#8217;s sources revealed.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;ING is working on a stablecoin project with several other banks. Progress is slow as some partners require board approval to establish a joint venture,&#8221; one source specified.<\/p>\n<\/blockquote>\n<p>MiCA regulations for &#8220;stablecoins&#8221; came into effect on June 30, 2024. The stringent restrictions imposed on issuers were <a href=\"https:\/\/forklog.com\/en\/news\/tether-ceo-criticises-mica-as-a-threat-to-stablecoins-and-banking\">criticized<\/a> by Paolo Ardoino, CEO of Tether, the company behind USDT. He argued that the legislation creates systemic risk due to the requirement to hold at least 60% of reserves in European banks.<\/p>\n<p>In November, the firm <a href=\"https:\/\/forklog.com\/en\/news\/tether-to-cease-support-for-eurt\">ceased support<\/a> for the euro-pegged EURT. In the EU, Tether decided to focus on partnerships with third-party projects like MiCA license holders <a href=\"https:\/\/forklog.com\/en\/news\/kraken-and-tether-back-launch-of-eu-regulated-stablecoins\">Quantoz Payments<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/tether-invests-in-stablr-to-boost-stablecoin-adoption-in-europe\">StablR<\/a>, as well as promoting its RWA platform <a href=\"https:\/\/forklog.com\/en\/news\/traditional-finance-to-propel-rwa-market-growth-says-expert-tether-joins-the-fray\">Hadron<\/a>.<\/p>\n<p>The issuer of USDC and Tether&#8217;s main competitor, Circle, <a href=\"https:\/\/forklog.com\/en\/news\/circle-secures-first-mica-compliant-stablecoin-license\">received approval<\/a> to issue stablecoins in the <span data-descr=\"European Economic Area \" class=\"old_tooltip\">EEA<\/span> back in July 2024. By February 2025, <a href=\"https:\/\/forklog.com\/en\/news\/ten-stablecoin-issuers-secure-mica-licenses\">ten such firms<\/a> were listed in the registry.<\/p>\n<p>Earlier, Standard Chartered <a href=\"https:\/\/forklog.com\/en\/news\/standard-chartered-predicts-stablecoin-market-cap-to-reach-2-trillion-by-2028\">predicted<\/a> that the total market capitalization of &#8220;stablecoins&#8221; could grow to ~$2 trillion by 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dutch banking giant ING is developing a &#8220;stablecoin&#8221; in alignment with European MiCA regulations, according to CoinDesk, citing its own sources. The initiative may take the form of a consortium involving other financial institutions and cryptocurrency service providers, the publication&#8217;s sources revealed. &#8220;ING is working on a stablecoin project with several other banks. Progress is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,733,900,1483,807],"class_list":["post-23305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-europe","tag-ing","tag-mica","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"94","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=23305"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/23304"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=23305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=23305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=23305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}