Bank-backed Euro Stablecoin, Aus Drafts Law, CFTC Chair Race

Today in crypto, Dutch ING and Italy’s UniCredit are among nine banks developing a MiCA-compliant euro stablecoin planned to launch in the second half of 2026, Australia drafted new laws for crypto service businesses, and US President Donald Trump is reportedly mulling other picks to chair the Commodity Futures Trading Commission.

ING, UniCredit join banks developing euro stablecoin under MiCA

A group of major European banks has joined forces to launch a euro-pegged stablecoin in compliance with Europe’s Markets in Crypto-Assets (MiCA) framework.

Dutch lender ING and Italy’s UniCredit are among nine banks participating in the development of a euro-denominated stablecoin, according to a joint statement published by ING on Thursday.

Built in compliance with Europe’s MiCA regulation, the stablecoin is expected to be issued in the second half of 2026, with a mission of becoming a trusted European payment standard in the digital ecosystem.

The announcement noted that the initiative aligns with Europe’s plans to provide a local alternative to the US-dominated stablecoin market and to contribute to the EU’s strategic autonomy in payments.

Alongside ING and UniCredit, the European stablecoin initiative also includes Spain’s CaixaBank, Denmark’s Danske Bank, Austria’s Raiffeisen Bank International, Belgium’s KBC, Sweden’s SEB, Germany’s DekaBank and another Italian lender, Banca Sella.

The founding members have also established a new company headquartered in the Netherlands, ING’s home country, to oversee the development and management of the stablecoin.

The banking consortium said in the joint announcement that it remains open to other banks joining the stablecoin project.

Australia drafts law to tighten oversight of crypto exchanges

Australia is looking to tighten regulations on crypto service providers, with draft legislation released on Thursday extending financial service sector laws to crypto businesses.

Assistant Treasurer Daniel Mulino told a crypto conference that the legislation is “the cornerstone” of the government’s crypto roadmap released earlier this year and was “a preliminary version” on which it would seek feedback until Oct. 24 to shape into its final form.

The new law would make two new financial products, a “digital asset platform” and a “tokenized custody platform,” which would both need an Australian Financial Services License.

Mulino said crypto businesses must also adhere to “a suite of obligations designed to accommodate the unique characteristics of digital assets,” including standards for holding crypto and settling transactions, with some smaller platforms exempt.

Many crypto executives expected and have backed the government’s move to regulate the sector under financial services laws, with Kraken Australia managing director Jonathon Miller saying it gives “investors and institutions greater certainty,” but added it was “vital that regulation avoids a one-size-fits-all approach that could stifle competition or disadvantage smaller innovators.”

Uncertainty swirls over Brian Quintenz’s prospects for CFTC chair

Former CFTC commissioner Brian Quintenz’s path to becoming the agency’s next chair appears far from assured amid reports that President Trump is actively considering other candidates.

According to Semafor, the Trump administration is vetting several names to succeed Acting Chair Caroline Pham. The shortlist reportedly includes former CFTC division director Josh Sterling, who served at the agency from 2019 to 2021; Securities and Exchange Commission chief counsel Mike Selig; and Treasury Secretary counselor Tyler Williams.

The development is notable because Quintenz was previously viewed as the frontrunner after receiving Trump’s nomination in February.

Adding intrigue, Sterling and several colleagues co-authored a Bloomberg Law article in June, cautioning that “leaving a key regulator undermanned risks letting financial markets critical to the US economy fall into neglect.”