Nine European banks are planning to launch a euro-backed stablecoin by 2026 to rival USD tokens as the ECB’s digital euro project stalls. The stablecoin is set for release in the second half of 2026 pending regulatory approval, with plans to back it 1:1 with euro reserves. The banks aim to leverage blockchain for transparency and instant settlement while complying with MiCA’s stringent requirements. This move by European banks aims to defend the euro’s role in the global economy and provide a private-sector complement to Europe’s eventual CBDC, offering businesses and consumers earlier access to programmable money.

Read more at Yahoo Finance: Europe’s Banking Giants Eye Euro Stablecoin by 2026, Filling Void Left by Lagging Digital Euro