A consortium of nine European banks, including ING, Banca Sella, and Raiffeisen Bank International, is planning to launch a euro-backed stablecoin regulated under the Markets in Crypto-Assets (MiCA) framework. This initiative aims to decrease dependence on dollar-backed stablecoins and bolster Europe's strategic autonomy in digital payments. Mark Aruliah from Elliptic emphasized the importance of regulatory clarity and urgency for Europe to remain competitive with the U.S. and Asia in the stablecoin market.