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- European banks are finally here - Stablecoin Dispatch Volume 8 (03/10/25)
European banks are finally here - Stablecoin Dispatch Volume 8 (03/10/25)
9 European banks have joined forces to launch a euro-denominated stablecoin.
Olabinjo Adeniran
October 03, 2025
Guten Morgen!
This year is shaping up to be a productive one for the stablecoin agenda.
Now let’s get into today’s newsletter.
I did not have this on my bingo card for 2025, but here we are. Nine of the largest banks in Europe are collaborating to launch a MiCAR-compliant euro-denominated stablecoin. The banks are: ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International.
This is interesting for many reasons, but top of mind is that European banks are more risk-averse than usual. I’m guessing that if Americans are launching a new, industry-changing thing, you don’t want to be the last continent to ship the thing.
I’m actually happy and nay excited to see how banks shape the future of stablecoins. They are some of the finance industry’s most impacted players when it comes to cross-border settlements, efficiencies, cost and just sheer operational overhead.
From ING’s press release:
The stablecoin will provide near-instant, low-cost payments and settlements. It will enable 24/7 access to efficient cross-border payments, programmable payments, and improvements in supply chain management and digital asset settlements, which can vary from securities to cryptocurrencies.
Anyone wanna predict the name of this stablecoin? Send me an email if you have some cute names.
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Around the world in Stablecoins.
Visa Direct will allow its cross-border clients pre-fund their accounts in Stablecoins.
Visa says its Direct customers (banks, remitters, and large volume businesses) can now pre-fund their accounts with stablecoins. Visa will treat this funding as “money in the bank”, offering its customers access to more liquidity, modernised treasury and predictability. The pilot program is currently live with a few customers and will be expanded in 2026.
Brex has become the first global corporate card to enable native stablecoin payments. The company will allow customers to accept stablecoins with automatic conversion to USD, as well as send stablecoins directly from their USD balances. The pilot program is underway, starting with Circle’s USDC.
My take: I look forward to the day when stablecoins become truly interoperable with fiat, allowing balances to display the fiat equivalent. Brex has solved a huge user experience problem here, and I’m excited for it.
USDH is now live on Hyperliquid’s blockchain. The stablecoin is issued by Native Markets (who won the validator vote) on HyperEVM. Native Markets faced intense competition from other firms like Paxos, Frax, and Agora.
What is Hyperliquid? Hyperliquid is a performant blockchain designed for financial trading activity. You can read more about the platform and company here.
Zerohash raises $104M
Stablecoin infrastructure company Zerohash has successfully raised $104 million at a valuation of $1 billion. The company helps financial institutions and fintechs build products for stablecoins, crypto trading and tokenisation of assets. Interactive Brokers led the round, with support from Morgan Stanley, Apollo Global Management, Jump Trading, and SoFi.
The CEO Edward Woodford, has been in crypto for nearly a decade.
JP Morgan analysts say Circle faces intense competition from Tether’s planned GENIUS-compliant USAT, and other stablecoins like Hyperliquid’s USDH. They say there might also be competition from fintechs like Robinhood and Revolut, who are planning to launch their own stablecoins.
My take: may the best money network win.
Other Links
Tether is reportedly raising $20 billion at a valuation of $500 billion. How much of that is budgeted for licenses?