Ten European banks team up to issue stablecoins, aiming at the dominance of the U.S. in digital payments.

[Chain News] Ten European banks have joined forces to do something big – they have established a new company aimed at issuing a stablecoin pegged to the Euro. The ambition behind this move is significant, directly targeting the dominance of the United States in the digital payment sector.

This new company has its headquarters in Amsterdam, boasting a rather luxurious lineup. ING, UniCredit from Italy, and recently BNP Paribas have all joined in. The personnel arrangements are quite meticulous: the CEO has recruited Jan-Oliver Sell, who previously worked at Coinbase in Germany, the CFO is Floris Lugt from ING's digital assets division, and the chairman is Howard Davies, former of NatWest.

This project actually started planning a few months ago, and there were hints released to the public back in September. Now that the team is in place and the structure is set up, it seems they are serious about moving forward. Traditional banks are teaming up to enter the stablecoin market, and this move is definitely worth paying attention to—after all, the compliance resources and customer base they have are not something ordinary crypto projects can compete with.