Why 9 European Banks Are Issuing One Euro Stablecoin Together

Chiara Munaretto sits down with Vid Hribar, Strategic Partnership and Ecosystem lead at Raiffeisen Bank International AG (RBI), at the Bluechip Crypto Safety Conference 2025 in Vienna to explore the most ambitious euro stablecoin project in Europe. What started as a working group of 4 banks initiated by ING in Amsterdam has evolved into a 9-bank consortium applying for licensing to launch mid-2026, addressing what Vid calls Europe's growing "threat"of USD stablecoin dominance (90%+ of global stablecoin supply).

This conversation reveals why RBI chose collaboration over issuing their own stablecoin after testing "RBI coin"for cross-border payments, the critical distribution advantage banks have over fintech stablecoin issuers (Circle's Coinbase deal costs as evidence), how euro stablecoins complement rather than compete with the digital euro and wholesale CBDCs, and why Vid expects the market to consolidate to just 3-5 dominant stablecoins per currency. He also discusses MiCA's role in providing the legal certainty that enables bank participation, why the consortium will only issue to regulated entities initially, and how stablecoins are positioned to disrupt both capital markets settlement and payments infrastructure.

Timestamps:
00:00 - Introduction: Beyond instant SEPA payments with euro stablecoins
01:04 - The origin story: ING's first meeting 2.5-3 years ago with 4 banks
02:02 - Amsterdam-based entity applying for license, targeting mid-2026 launch
03:08 - RBI's stablecoin strategy: CBDCs, tokenized deposits, and stablecoins
03:35 - Testing RBI coin: Cross-border payments and tokenized fund settlement
04:14 - Why fragmentation led to consortium approach instead of individual issuance
05:24 - Issuer model evolution: From Tether/Circle monopoly to stablecoin-as-a-service
06:42 - Market consolidation prediction: Top 3-5 stablecoins per currency
08:00 - Distribution costs: Circle/Coinbase deal and exchange revenue sharing expectations
09:08 - Internal education: Capital markets settlement and payments departments
10:40 - Digital euro vs euro stablecoins: Complementary, not competitive
11:22 - Cross-border payments and tokenized asset settlement use cases
12:32 - Multiple euro stablecoins will coexist across exchanges and banks
13:40 - Why regulated stablecoins are commodities under MiCA
14:42 - The 90% USD stablecoin problem: European dependence threat
16:07 - 2026 milestones: License approval, first partnerships, regulated entity issuance

About Raiffeisen Bank International AG:
Raiffeisen Bank International AG (RBI) is one of Central and Eastern Europe's leading banking groups with operations across multiple markets. RBI has been exploring new forms of money including CBDCs, tokenized deposits, and stablecoins for several years, conducting proof-of-concept testing with "RBI coin"for cross-border payments and tokenized fund settlement. As a founding member of the 9-bank European consortium, RBI is positioned to help launch one of Europe's first bank-issued euro stablecoins in mid-2026, addressing European financial autonomy concerns around USD stablecoin dominance.

The content of this podcast is for informational purposes only and does not constitute financial, investment or legal advice.