Italy's Bancomat Plans Euro-Pegged Stablecoin Launch to Boost Cross-Border Payments

Italian payments network Bancomat is developing a euro-pegged stablecoin in collaboration with Italy’s major banks and the Ministry of Economy, CEO Fabrizio Burlando revealed, as reported by Reuters. The digital asset, expected to launch in 2026, aims to strengthen Europe’s role in digital payments and compete with dominant U.S. dollar stablecoins.

Burlando—who joined Bancomat as CEO in June 2024 following private equity firm FSI’s €75 million investment for a 43% stake—said the stablecoin will be made available to other regulated Italian and European financial institutions to encourage wide adoption.

Interoperability at the Core

The project aligns with Bancomat’s work under the European Payments Alliance, where it collaborates with payments platforms like Spain’s Bizum to enable instant cross-border transactions.

“Multiple, non-interoperable currencies take us back to guineas and florins,” Burlando said. “We’re building a euro-backed stablecoin supported by euro-denominated debt that any trusted European institution can issue.”

Bancomat, long known for operating Italy’s ATM network, has been expanding its digital footprint following FSI’s major investment.

Growing European Stablecoin Market

The global stablecoin market has surged from nearly zero in 2014 to around $300 billion in 2025, according to the European Banking Authority (EBA), which recently warned banks to manage stablecoin-related risks carefully.

Under the EU’s MiCA regulatory framework, 27 stablecoins have been registered with ESMA, issued by 17 institutions across 10 EU countries.

Euro-pegged stablecoins have seen significant momentum since MiCA took effect in mid-2024:

• Value doubled to roughly $500 million
• Monthly volumes increased tenfold to $3.83 billion (DECTA data)

However, the market remains largely dominated by U.S. dollar stablecoins, which account for 98% of global supply. Tether and Circle hold a combined 81% share, according to the Bank of Italy.

Europe’s Push to Challenge U.S. Stablecoin Dominance

A consortium of 10 European banks is preparing to launch its own euro-pegged stablecoin in late 2026 to strengthen Europe’s competitiveness in global payments. In 2023, Société Générale became the first European bank to issue a MiCA-compliant euro stablecoin, EUR CoinVertible, though adoption remains limited at €64.7 million in circulation.

Bancomat’s broader, interoperable model could play a key role in expanding euro-based digital assets across the region.