In a bold move to challenge the US dollar’s dominance in the stablecoin market, nine European banks have come together to form a consortium aimed at developing a euro-backed stablecoin. Announced on September 25, 2025, this initiative is set to launch in the second half of 2026 and represents a significant stride towards Europe’s goal of achieving greater financial autonomy in the digital space.
A Unified European Front
The consortium is composed of major European financial institutions: UniCredit from Italy, ING from the Netherlands, DekaBank from Germany, Banca Sella from Italy, KBC Group from Belgium, Danske Bank from Denmark, SEB from Sweden, CaixaBank from Spain, and Raiffeisen Bank International from Austria. Together, these banks have established a new Netherlands-based company to spearhead the issuance of this euro-backed token.
Their primary objective is to carve out a space in a market currently saturated by US dollar-backed stablecoins like Tether ($USDT) and USD Coin ($USDC), which command market caps of $173 billion and $74 billion, respectively. The dominance of the dollar in global cryptocurrency and digital payment systems has long been a concern for European financial leaders, who see a euro stablecoin as a step towards balancing the scales.
Strategic Autonomy and Regulatory Backing
The motivation behind this initiative isn’t merely economic; it’s also strategic. As Francois Villeroy de Galhau, Governor of the Bank of France, pointed out, Europe risks being overshadowed by private, dollar-backed stablecoins if it doesn’t act swiftly. The introduction of MiCA (Markets in Crypto-Assets) regulation provides a robust framework for stablecoin issuance, ensuring that Europe’s venture into digital currency is both safe and structured.
Floris Lugt, ING’s digital assets lead, emphasized the potential of stablecoins to enhance cross-border payments and cross-currency settlements. Stablecoins can automate transactions and improve supply chain payments, adding efficiency and speed to European financial systems. The European Central Bank’s Governing Council member, Joachim Nagel, hailed the digital euro as a pivotal milestone for the continent’s financial sovereignty.
Rising Interest in Crypto Projects
As Europe gears up for its stablecoin launch, the spotlight also turns to burgeoning crypto projects and utility tokens that demonstrate real momentum. One such project is the Best Wallet Token ($BEST), a token that supports a mobile-first crypto wallet. Currently in presale, $BEST has raised an impressive $16.1 million, signaling strong investor confidence.
The Best Wallet app offers seamless access to crypto onramping, secure storage, and decentralized swaps across multiple blockchains. Its token, $BEST, provides users with governance rights, reduced trading fees, and higher staking rewards. The app’s roadmap outlines ambitious plans, including a staking aggregator, crypto debit card, and integrated market analytics, set to transform it into an all-inclusive crypto solution.
$BEST Token: A Presale Powerhouse
The $BEST presale has captured the attention of investors, particularly “whale” buyers, who are making significant investments, with some staking over $70,000. This enthusiasm is driven by the token’s current pricing at $0.025695 and predictions of substantial growth in the coming years. By 2026, experts forecast a 98% increase in its value, making it an attractive option for those looking to diversify their crypto portfolios.
A $500 investment in $BEST today could potentially grow to $994 by 2026, assuming that price predictions are accurate. The additional benefit of dynamic staking rewards, currently at 82% APY, further enhances the token’s appeal. Early adopters stand to gain the most, as rewards are expected to decrease as more participants join the ecosystem.
Looking Forward
As the euro stablecoin initiative progresses and projects like $BEST gain traction, the European crypto landscape is poised for significant transformation. The potential for stablecoins to manage up to $200 trillion in annual payments by 2030 underscores the vast opportunities ahead. For now, the presale of $BEST offers a timely opportunity for investors to engage with a promising project at the ground level.
However, it’s crucial to approach these investments with caution. The crypto market is inherently volatile, and potential investors should conduct thorough research and consider their financial situation before diving in.
In essence, Europe’s move to launch a euro-backed stablecoin marks a pivotal moment in the continent’s digital evolution, reflecting both a strategic push for autonomy and a response to an ever-evolving financial landscape. As these developments unfold, they are likely to shape the future of digital currencies and the broader crypto ecosystem in Europe and beyond.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
