What ho, old bean! Nine of Europe‘s finest financial institutions-a veritable Who’s Who of the banking world, if you’ll pardon the expression-have banded together in a jolly consortium to launch a MiCAR-compliant euro stablecoin. Mark your calendars, what? The second half of 2026 is when this digital marvel is set to make its grand entrance. 🕺
ING, UniCredit, & Co.: A Financial Farce in the Making
According to a press release from the chaps at UniCredit-Italy’s banking behemoth, no less-they’re joining forces with eight other European heavyweights to peg a stablecoin to the euro. “A trusted European payment standard in the digital ecosystem,” they say. Sounds spiffing, doesn’t it? 🧐
This little number will be as MiCAR-compliant as a chap in a top hat at Ascot. The European Union’s Markets in Crypto-Assets Regulation, old boy, covers everything from issuance to custody, and even the platforms where these digital assets frolic about. Quite the comprehensive framework, eh? 📜
The roster of banks in this consortium reads like a guest list for a high-society soiree: ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. All top-notch fellows, but let’s tip our hats to ING and UniCredit-the former a Global Systemically Important Bank (G-SIB), and the latter, well, they were until 2023. Still, no mean feat! 🏦
These nine have set up shop in the Netherlands, hoping to get the nod from the Dutch Central Bank as an e-money institution. They’re even inviting more banks to join the party. The stablecoin, slated for a 2026 debut, aims to give the Yanks a run for their money in the US-dominated market. Quite the ambitious bunch, aren’t they? 🌍
Fiona Melrose, Head of Group Strategy and ESG at UniCredit, chimed in with a bit of wisdom: “At UniCredit, we believe in the importance of a stronger Europe and in the power of constructive dialogue and collaboration.” She added, “By joining this consortium, we’re filling the need for a trusted, regulated solution for on-chain payments and settlement.” Quite the mouthful, but we get the gist. 💬
They’re also on the hunt for a CEO, pending regulatory approval, to helm this new Dutch entity. Should be a proper lark, that. 🕵️♂️
Meanwhile, across the pond, stablecoins are making waves in the US. The Commodity Futures Trading Commission (CFTC) has launched an initiative to explore their use as collateral in derivatives markets. Mainstream finance, here they come! 🇺🇸
Bitcoin‘s Rollercoaster Ride: Hold Onto Your Hats! 🎢
Old Bitcoin nearly clawed its way back to $114,000 on Wednesday, but alas, it’s taken a tumble to $111,200. Quite the drama, what? This little dip has caused liquidations of over $76 million in the derivatives market. Talk about a wild ride! 🚀
So there you have it, old sport-banks plotting stablecoin takeovers, Bitcoin’s rollercoaster antics, and enough financial jargon to make one’s head spin. What a time to be alive! Cheers! 🥂
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2025-09-26 07:19