A consortium of 12 European banks is collaborating with Fireblocks to develop a Euro stablecoin compliant with the cryptocurrency regulation MiCA, CoinTelegraph reported. The project aims for a launch in the second half of this year, under the approval of the Dutch Central Bank. It is designed with a 1:1 reserve-backed structure. The stablecoin, upon launch, will support institutional payment fund management and the utilization of tokenized assets, and is part of the European financial sector's strategy to reduce reliance on dollar-based stablecoins.
