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Dutch multinational banking and financial services company ING is looking into starting a stablecoin initiative. According to sources familiar with the matter , this project may involve a group of banks and crypto service providers. Furthermore, this move follows the recent Markets in Crypto-Assets (MiCA) regulation in Europe, which allows traditional banks to issue regulated digital assets throughout the European Union. Details on ING’s Stablecoin Project MiCA, which has started across the 27 EU countries, aims to create clear rules for issuing and regulating crypto assets, including stablecoins. As such, ING prepares to take advantage of this change, signaling that traditional banks are starting to embrace digital currencies. Meanwhile, reports revealed that the ING stablecoin project is still in its early stages. However, the bank is in talks with other financial institutions and crypto companies to build a collaborative network. If successful, ING’s stablecoin could offer a safe and regulated digital payment method. It might be used for cross-border transactions, online shopping, and financial settlements within the EU. ING’s entry into the European stablecoin market joins Sociéte Générale, a major French bank that has already issued its euro-backed digital currency. This move puts ING in direct competition with Sociéte Générale and could inspire more innovation among European banks. MiCA Reshapes Stablecoin Dynamics in Europe The introduction of MiCA has been a game-changer for the stablecoin ecosystem in Europe. These regulations, governing asset-referenced and electronic money tokens, began their phased rollout in June 2024. As reported by TheCoinRise, euro-dominated trading volumes have consistently exceeded 2023 averages throughout 2024. MiCA-compliant stablecoins now dominate the European market. Circle’s EURC, Sociéte Générale’s EURCV, and Banking Circle’s EURI collectively accounted for 91% of market share by November 2024. This dramatic shift reflects the growing alignment between regulatory compliance and market adoption. Stablecoins Soar Past $200B Milestone Earlier in January, the stablecoin market smashed through the $200 billion mark , a new record that signaled the potential for a crypto rally. Over the past few months, stablecoins have quietly accumulated billions in value, reflecting renewed investor confidence. The explosive growth also highlights stablecoins’ growing role in trading and liquidity. Notably, stablecoins are digital assets designed to maintain a steady value by being pegged to traditional assets, primarily the U.S. dollar. Unlike volatile digital assets, they offer a reliable medium of exchange. Stablecoins are also a haven for traders looking to move between investments without exposure to extreme price swings. The post ING to Launch Stablecoin Project Amid New EU Crypto Rules appeared first on TheCoinrise.com .
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