Dutch Bank Ing is working on a stableecoin and wants to take advantage of Europe’s new cryptocurrency rules that came into force last year, according to two people with knowledge of the plans.

Ing’s stableecoin project could take the form of a consortium effort involving other banks and crypto service providers, both people said.

“Ing is working on a stableecoin project with a few other banks. It is moving slowly as several banks need board approval to create a common unit,” one of the sources said.

Ing refused to comment.

Europe’s markets in Crypto Assets regime [MiCA] Requires stablecoin issuers throughout the EU Member States to have an authorization license while promoting the potential of euro-denomineed stableecoins (the vast majority of the stablecoins in circulation are linked to the US dollar).

Micas StableCOin rules, which also require issuers to maintain significant reserves in banks based in Europe, have strengthened compatible offers such as Circle’s Euro StableCoin EURC over its biggest rival, according to a note early this year from JPMorgan.

Banks like Ing of the European StableCoin space mean that the French lender Société Générale, the first big bank to offer a stablecoin through its SG Forge Innovation Division, will soon have some competition.

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