ING is developing a MiCA-compliant stablecoin: the project is being advanced with the participation of other banks

According to insiders, the development process is not going quickly - this is affected by the need to obtain approval from the boards of directors of several participants, since the joint venture model is being considered. One of the interlocutors emphasized that the project does indeed involve several banks, and preparation takes time.

On June 30, 2024, the MiCA provisions regulating the activities of stablecoin issuers came into force in the European Union. The document provides for strict requirements for the storage of reserves, which has caused criticism from industry representatives. Thus, Tether CEO Paolo Ardoino noted that the obligation to keep at least 60% of reserves in EU banks could create systemic risks for the market.

After MiCA came into force, Tether stopped supporting its EURT stablecoin, pegged to the euro. Instead, the company switched its attention to developing partnerships with licensed market participants, such as Quantoz Payments and StablR, and to promoting the Hadron platform, which is focused on the tokenization of real assets.

At the same time, Tether's main competitor, Circle, received permission to issue stablecoins in the countries of the European Economic Area back in July 2024. As of February 2025, there were already ten registered issuers in the official MiCA register.

According to Standard Chartered analysts, the total volume of the stablecoin market could reach $2 trillion by 2028. Such forecasts highlight the strategic importance of initiatives like ING's project, which are designed to ensure that emerging digital assets meet regulatory requirements and support long-term market growth.