ING, Teams up with cryptocurrency companies to create stablecoin

It has been confirmed that the major Dutch financial institution ING is developing its own stablecoin in collaboration with the cryptocurrency industry. According to an Unfolded report, ING is said to have embarked on the joint development of a stablecoin to break down the barriers between traditional financial sectors and digital asset companies.

This project is interpreted as being based on the premise of real use possibilities such as payment and distribution, rather than merely an experimental dimension. ING has long taken an interest in blockchain technology, positioning itself as a hub connecting cryptocurrency infrastructure with traditional financial systems. Indeed, this bank has actively engaged in experiments with digital asset custody and smart contracts in the past.

Both inside and outside the financial industry, ING's recent actions are being viewed as a strategic approach, considering the construction of a regulatory-friendly and transparent stablecoin ecosystem intertwined with the European Union's cryptocurrency market regulation (MiCA) framework.

ING has avoided providing specific details on which assets this stablecoin will be linked to or whether it will be based on the euro. However, there are projections that the commercialization of this stablecoin will be centered on the European payment market in the future.