Currently, Europe is officially moving into the stablecoin market. Led by BNP Paribas, ten top financial institutions have jointly formed a new alliance with plans to launch the first fully compliant European stablecoin in the second half of 2026. The Dutch Central Bank is conducting approval procedures, marking an official recognition of crypto assets by traditional finance.

The background is clear: US stablecoins dominate the global crypto market, and Europe feels threatened. If left unchecked, Europe's influence in the digital age will be gradually eroded. Therefore, the ten major financial giants have decided to join forces to form the so-called "European Financial Alliance" for a coordinated effort.

The management structure of this new alliance is also quite noteworthy. The CEO is a former head of the German operations of a major mainstream platform, and the chairman is the renowned British financier Howard Davies—who has previously led the London Financial Services Authority and the Bank of England system. Participating banks come from six countries, with a combined asset scale reaching tens of trillions of euros. This is no small matter.

On the technical side? Although the goal is to launch in the second half of 2026, there are many prerequisites. Regulatory approval will take 6 to 9 months, and compliance with the EU MiCA regulations is mandatory—this framework imposes strict requirements on issuers. Issuing institutions need to hold 60% reserves in EU banks, conduct regular detailed disclosures, and obtain electronic money institution licenses. Regulators have set tight constraints for themselves, but this also reflects Europe's determination to pursue financial independence.

The ultimate result will be: Europeans will be able to use a digital currency officially recognized by authorities, directly overseen by central banks and national regulators. This is not just technological innovation but a redefinition of the financial power landscape.