Dutch Bank Ing joins the list of those who visualize launch their own stablecoin

By Hannah Pérez

The Dutch lender Ing, based in Amsterdam, is the last bank worldwide in showing interest in the stablecoins. Societe Generale has already launched a Token linked to the euro in compliance with Mica.

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• Another bank worldwide is exploring the stablecoins.
• Ing, based in Amsterdam, builds its stablecoin in alliance with banks and crypto companies.
• Societe Generale already launched his own token linked to the euro in 2023.

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Banks around the world are watching Stablecoins As they advance towards the innovation of payments.

ING, a Dutch multinational of banking and financial services, is apparently the last institution of the traditional banking industry to contemplate the implementation of its own Stablecoin.

According to a report from COINDESK that cites familiar sources, ING is working on a Stablecoin linked to the euro As it seeks to take advantage of the new cryptocurrency regulations of the European Union (EU).

The Cryptographic Assets Market Law (MICA), a comprehensive framework that regulates the activity of digital currencies in the EU, entered into force last year by introducing a licensing system for industry companies, including emitters of Stablecoins.

The regulations require, that they also require that the issuers maintain significant reservations in Banks based in Europe, the great measure of the potential of the stablecoins called in euro. The Stablecoins market valued at more than USD $ 200 billion is mostly composed of tokens linked to the US dollar, with USDT of Tether dominating with a market capitalization of USD $ 83 billion, according to data from Coinmarketcap.

It is worth noting that Stablecoins or stable currencies are digital tokens that are designed to maintain parity with a traditional asset as a fiduciary currency, thus avoiding cryptocurrency volatility as Bitcoin.

ING: The last bank to be interested in the stablcoins

The project of Stablecoin of ING could take shape of a consortium that involves other banks, as well as suppliers of cryptocurrency services, according to the sources to the aforementioned publication.

“ING is working on a Stablecoin project with some other banks. It is moving slowly as multiple banks need the approval of the Board to establish a joint entity“, wrote COINDESK citing one of the people.

Meanwhile, a separate report added that the Amsterdam -based bank would also be building its own cryptocurrency custody solution.

Rumors about ING efforts to develop their own stable currency occur in a moment of growing interest in this sector by the giants of the traditional financial industry. Fidelity It is an example, of a financial titan with plans to expand to this business, an ambition that other banks such as Bank of America and Itaú In Brazil they have also hinted.

The vision of Donald Trump’s administration to embrace cryptocurrencies in the United States, seems to change the rules of the game for the financial industry, providing legitimacy to the sphere of emerging assets and motivating the interest of both nations and banks and corporations worldwide.

Trump has expressed his intention to create new regulations for cryptocurrencies, starting with a legislation centered on the stablecoins this year. Two stablcoins law efforts are discussed in the US Congress.

Meanwhile, in Europe, banks such as Deutsche Bank and I société généraleare some of those who have moved to expand towards the stablcoins. The French giant launched its own token linked to the euro in 2023 Ethereum.

ING is not new in cryptocurrencies. The Dutch bank supported the platform in 2022 Pyctor To store, administer, buy and sell digital assets, including cryptocurrencies, NFT and other digital goods.

Hannah Estefanía Pérez / Diariobitcoin

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