Nine European banks announced the joint initiation of the European Stablecoin

A number of large American financial companies are preparing the initiation of own DOLLD DIGITAL CURRENCIES, after the President Donald Trump signed the Law on StableCoin regulation rules that could additionally secure the US Hegemony in the area.

Using stable – shape of digital assets that should have a stable value supported by traditional currencies – in recent years in growth, especially the people who trade the crypts in others, or convert kriptoimovin into traditional money.

But they are also used for digital payments and cross-border transactions. The new company is expected to be based on Amsterdam, in the second half of the next year, run its stableCoin. Although the value of global editions of such stableCOINE has already reached $ 300 billion, the share of such currencies related to the euro was worth only $ 620 million, in the data lasted by the Italian Central Bank.

“This initiative will provide a real European alternative to StableCoin market, which is marked by an American dominant role, will contribute to the strategic autonomy of Europe in the field of financial transactions,” banks communicated in a joint statement.

The project, for which banks they say will create a token that can be used for fast instant payments and cheaper transactions, has been initiated despite the European Central Bank (ECB) about private stable euros, which is transferred to the Digital EUR project, HR.

Chair of the ECB Christine Lagarda said in June of the Eurovies that Private Publishoin editions are the danger to European monetary policy and financial stability. The ECB instead suggests the introduction of a digital euro that ESB would control, but for this, the adoption of legal regulations is needed for a few years.

And some European commercial banks are against the digital euro, from fear that European consumers could withdraw the deposits from banks and convert them into a digital currency that would be saved in the wallets for which the ECB guarantees.

In addition to ING and UniCredit, other banks in the project are Italian Banca Sella, Belgian KBC, Germany Dekabank, Nordic Denmark Bank and Seb, Spanish Caixabank, and Austrian Raiffeisen Bank International. From the consortium they said that more European banks could join their initiative, and that the President of the Management Board of the new company will be appointed soon.

In the recent report by Deutsche Bank, it was pointed out that the Stablecoin currencies related to the dollar are especially well accepted in developing economies, because local bank deposits and cash can be replaced. “This creates a global monetary dilemma – states should adopt StableCoin Value coins or risk lags. Europe is under special pressure,” the report is stated.

The French Bank of Societe Generale is through its branch for the cryptoimovine SG-Forge another 2023. year launched its stableCoin related to the euros, although in the past two years did not encounter broader adoption. According to their data, the value of this digital currency is currently only 56.2 million euros in circulation. This year, Societe General also launched the currency related to the dollar, but its circulation is even lower, only 32.25 million dollars.

In the United States, the Financial Heavy Bank of America and Citigroup are some of banks that think about the issuance of own stableCoin currencies related to the dollar. However, for now, there are few cases that traditional banks launch such currencies. In the industry but existing stable, so still dominate non-banking companies, such as Tether and Circle, which stand behind the most popular currencies of the USDT and USDC.

In June, a similar consortium of eight Korean banks also announced the joint starting of the Korean Won, and the issuance of their own digital currencies also think of some global companies from other sectors, which could use stableCoin for internal transactions or payment to suppliers.