ING is reportedly preparing to enter the Euro stablecoin market.

Dutch banking giant ING is reportedly preparing to enter the Euro stablecoin market. According to a report by CoinDesk on Tuesday, April 22, ING is setting up a consortium with several other banks to develop and launch a Euro-based stablecoin.

Europe's MiCA regulation is opening up opportunities for major banks to enter the crypto market, and one bank has already taken notice.

Dutch banking giant ING is reportedly preparing to enter the Euro stablecoin market with a consortium of banks, according to a report by CoinDesk on Tuesday (22 April).

The report, which cites two sources familiar with the matter, said that several banks are banding together to form a joint entity that will be tasked with developing and launching the stablecoin.

However, both sources noted that progress has been slow as the group awaits regulatory approval to establish the entity.

While ING did not respond to requests for comment, the sources noted that the bank is planning to launch the stablecoin pegged to the Euro.

At the same time, the European Central Bank's (ECB) own CBDC, the Digital Euro, is still pending approval despite hopes for a launch by October. This is opening up space for banks to offer private solutions to the EU's fragmented payments network.

The apex bank's plans have also faced some pushback from the European Commission as member states are more skeptical of a EU-wide CBDC.

Meanwhile, the U.S. is also catching up to the EU on crypto regulation. Its STABLE Act, which would regulate stablecoin issuance, is currently in the approval process.

The planned act is already attracting several players in the market, including Visa, which is experimenting with using stablecoins for card settlements. Trump-linked World Liberty Financial has also launched its own USD1 stablecoin, prompting criticism over potential conflicts of interest.