九家主要歐洲銀行宣佈組建財團，依據歐盟《加密資產市場法》(MiCA) 推出該洲最具雄心的歐元穩定幣項目。
這一財團是歐洲有史以來針對美元穩定幣主導地位最一致的應對方式，這些銀行巨頭將目標鎖定2026年下半年推出，有望成為首個由主要銀行支持、完全受監管的歐元數位貨幣。
此舉使歐洲金融機構成為Tether和Circle等加密原生穩定幣發行商的直接競爭對手，同時推進歐盟在數位支付領域的貨幣主權戰略目標。
當前美元穩定幣佔全球2517億美元穩定幣市場總量的99%，歐洲銀行聯盟希望切入愈發繞過傳統銀行體系的跨境支付與數位資產結算市場，取得實質市占。
主要競爭優勢包含MiCA監管明確性、機構級儲備管理，以及為4.5億歐洲客戶服務的傳統銀行通路。項目面臨如歐元穩定幣採用分散、2029年數位歐元競爭，以及多銀行營運協調等重大挑戰。
須關注的成功指標包括監管核可時程、第一年市值目標5,000萬至1億歐元、交易所整合進度，以及企業銀行客戶機構採用率。此舉有望重塑歐洲數位支付架構，並為銀行主導的全球穩定幣發展提供範例。
最新宣佈：九家銀行，一致願景
這項協調一致的聯合宣佈於2025年9月25日同時自歐洲多家銀行總部釋出。阿姆斯特丹ING、米蘭UniCredit、哥本哈根Danske Bank、斯德哥爾摩SEB、維也納Raiffeisen Bank、布魯塞爾KBC、瓦倫西亞CaixaBank、法蘭克福DekaBank，及比耶拉Banca Sella皆發表了內容一致的聲明，確認參與這一歷史性聯盟。
時機的選擇極具策略意義。自2025年7月28日歐洲央行部落格發佈警告美元穩定幣普及恐削弱ECB貨幣條件控制權以來，歐洲監管單位對美元穩定幣主導的擔憂不斷上升。該財團的成立，恰逢ECB執行董事Cipollone指出數位歐元啟動可能延至2029年，為民間創新預留多年間隙。
「數位支付對新型歐元計價支付及金融基礎設施至關重要，」ING數位資產負責人及該計畫公眾代表Floris Lugt指出。「藉由區塊鏈技術可編程性與全天候即時跨幣結算，將大幅提升效率與透明度。我們認為產業協同合作至關重要，銀行必須採用共同標準。」
聯盟組建在數月低調協商下逐步推進。早在2025年初，CoinDesk即報導ING與其他歐洲金融機構合作研發穩定幣，但直至9月宣佈，九家銀行的聯盟全貌才正式揭曉。
各成員銀行帶來獨特的區域專長與客戶網絡。ING專注荷蘭市場及支付基礎建設經驗；UniCredit提供意大利及中歐市場接口與大宗跨境交易量；Danske Bank貢獻北歐市場滲透與企業銀行夥伴關係；SEB則注入瑞典機構託管及投資銀行專業。
聯盟地理分布涵蓋歐洲主要金融中心，可望協調跨時區的做市與流動性支持。CaixaBank橫跨西班牙並連結拉丁美洲代理銀行網，Raiffeisen Bank則憑藉中東歐網絡進軍高成長新興市場。
各銀行將維持在託管、錢包服務、機構客戶導入等增值服務的自主權。此分權做法有別於JPMorgan之類單一銀行推動的JPM Coin，預期可擴大市場覆蓋並降低集中度風險。
荷蘭公司架構兼具MiCA監管清晰度與營運彈性。當地成熟的金融監管制度及DNB經驗，為創新型產品架構鋪設穩健監理基礎。
監管架構：MiCA合規落地
歐盟《加密資產市場法》(MiCA)為全球最全面的穩定幣監管規範，訂定銀行聯盟需面對的電子貨幣通證（EMT）細則。根據MiCA第45-57條，歐元穩定幣必須擁有完整儲備，以流動歐元資產全額支撐、設置隔離託管機制，並確保按面值無條件兌換權。
選擇EMT分類而非資產掛鉤通證（ART），為歐元穩定幣帶來授權流程簡化、既有電子貨幣機構優先待遇與更有利於銀行資本要求等優勢。銀行身份讓聯盟可依第48條通報流程延用銀行牌照，無需另行獲取非銀行發行人所需授權。
MiCA儲備配置規定最少60%作為存款保留於授信機構，其餘須投資到最長三個月期的高品質國債。這種保守策略確保兌換壓力下之流動性，並降低過去穩定幣項目常見的存續和信用風險。
荷蘭央行為EMI許可主要監理機關，並協同其他歐元區央行進行系統性監督。DNB現行電子貨幣監理框架，相較他國新興加密資產監管環境，更具確定性。
歐洲證券及市場管理局（ESMA）於2024年12月定案的技術標準，明訂市場濫用防範、託管標準及營運韌性等詳細落實規定，並與《數位營運韌性法案》(DORA)整合，要求完備的資安及業務持續性機制。
監管時程需協調多方主管機關。DNB審查EMI申請普遍耗時三至六個月，另依第19(5)條與ECB諮詢貨幣政策影響。銀行身份可能加快部分程序，但也會帶來額外審慎監理責任。
《資本要求規範》(CRR III)第501d條創設加密資產曝險"Group 1b"之穩定幣過渡資本待遇，但須落實流動贖回與高品質儲備標準。銀行發行人必須證明穩定機制有效性並將穩定幣業務納入整體風險架構。
AML規定要求建置交易監控、制裁篩檢與Travel Rule跨境轉帳合規。該聯盟既有的銀行反洗錢基礎架構，是對加密原生發行商需另行建設監控流程的重要競爭優勢。
消費者保障涵蓋明確贖回流程、申訴處理及投資人教育。白皮書揭露須包含儲備組成、風險因素及操作細則，並讓散戶與機構皆可查閱。
法律架構與治理機制
荷蘭公司為有限責任實體，申請DNB監理下的電子貨幣機構牌照。治理結構在聯盟協調與各銀行自主間取得平衡，縱然複雜，卻可提升營運韌性。
聯盟治理採多銀行委員會制，由各創始成員組成。包括儲備管理政策、技術架構選擇、監管策略等重大決策，均需超過多數同意，以避免單一銀行主導亦確保營運效率。
執行長任命需經MiCA適格驗證，候選人須具支付、風控與合規專業。各銀行代表擔任董事會成員時，應以穩定幣發行人為受託對象，避免僅顧及母公司利益，需妥善處理潛在治理衝突。
儲備資產實行破產隔離機制，確保穩定幣持有人於發行人破產時，對儲備資產具優先主張權。託管安排指定具資格之第三方獨立託管機構，避免利益衝突並確保業務獨立性。 Legal claims on reserves operate through direct contractual rights rather than indirect claims through electronic money regulation. This structure provides enhanced protection compared to traditional electronic money products while maintaining regulatory compliance under Dutch law.
對於儲備的法律主張，是透過直接的合約權利而非通過電子貨幣監管下的間接主張來運作。這種架構相比傳統電子貨幣產品提供了更高層次的保護，同時也遵從荷蘭法律下的監管要求。
Dispute resolution mechanisms include binding arbitration procedures for commercial conflicts and consumer complaint handling through DNB-supervised procedures. Cross-border dispute resolution involves coordination with home country regulators for consortium member banks, potentially creating jurisdictional complexity.
爭議解決機制包括對商業糾紛的具約束力仲裁程序，以及透過由荷蘭中央銀行（DNB）監督的程序來處理消費者申訴。跨境爭議解決則需與財團成員銀行母國的監管機構協調，這可能帶來司法管轄權上的複雜性。
The operational structure permits individual bank value-added services including custody, wallet provision, and institutional onboarding while maintaining centralized reserve management and compliance oversight. This hybrid approach balances operational flexibility with regulatory consistency.
此運營架構允許個別銀行提供包括託管、錢包服務、機構用戶接入等增值服務，同時維持集中式的儲備管理及合規監督。這種混合模式兼顧了營運靈活性與監管一致性。
Recovery and resolution planning follows MiCA requirements for orderly wind-down procedures including reserve liquidation processes, customer notification requirements, and regulatory coordination protocols. The multi-bank structure requires complex recovery scenarios addressing partial bank withdrawal while maintaining operational continuity.
恢復與清算規劃遵循MiCA要求，包括有序結束營運的儲備清算流程、客戶通知規定及監管協調機制。多銀行架構下須應對銀行部分退出的複雜復原情境，並在此過程中維持營運連續性。
Technical Architecture and Operational Design
The consortium's technical specifications remain under development, with key architectural decisions expected before regulatory approval. Industry analysis suggests multi-blockchain deployment following established MiCA-compliant models like Circle's EURC, supporting Ethereum, Polygon, and emerging Layer 2 networks for cost-efficient transactions.
該財團的技術規格仍在開發中，關鍵架構決策預計將在獲得監管許可前確定。業界分析認為，可能會採用多鏈部署，仿效既有的MiCA合規產品（如Circle的EURC），支持Ethereum、Polygon與新興Layer 2網路以提升交易效率及降低成本。
Token standards will likely implement ERC-20 compatibility for maximum interoperability with existing decentralized finance protocols and exchange listing requirements. Smart contract architecture must accommodate MiCA compliance requirements including automated transaction monitoring, sanctions screening, and redemption mechanism enforcement.
代幣標準預計會採用ERC-20相容性，以最大化與現有去中心化金融協議及交易所上架規則的互通性。智慧合約架構必須滿足MiCA合規要求，包括自動化交易監控、制裁篩查和兌換機制強制執行等功能。
Reserve management systems integrate with European payment infrastructure including TARGET2 for large-value settlements and TIPS (TARGET Instant Payment Settlement) for 24/7 instant euro liquidity management. SEPA Instant Credit Transfer connectivity provides real-time fiat on/off-ramps through consortium member banks.
儲備管理系統將與歐洲支付基礎設施整合，包括用於大額結算的TARGET2，以及提供24小時歐元即時流動性的TIPS（TARGET即時支付結算）。通過SEPA即時入帳轉帳，財團成員銀行可提供法幣即時出入金。
Multi-signature wallet architecture distributes operational control across consortium members, preventing single points of failure while maintaining security standards. Hardware Security Modules (HSMs) secure cryptographic keys with formal verification procedures for smart contract correctness and upgradeability frameworks for security patches.
多重簽章錢包架構將操作權限分散於各個財團成員，防止單一故障點，同時維持資安水準。硬體安全模組（HSM）用於保護加密金鑰，並對智慧合約採用形式化驗證和升級機制以確保其正確性及安全性。
Custody operations follow qualified custodian requirements under MiCA with potential segregated account structures at major European custodial banks. Reserve asset composition monitoring requires real-time valuation systems with daily reconciliation and monthly third-party attestation by Big Four accounting firms.
託管營運依MiCA專業託管人規範進行，並可能採用歐洲主要託管銀行的獨立分帳結構。對儲備資產組成的監控需配合即時估值系統，進行每日對帳及每月由四大會計師事務所提供第三方證實。
Know Your Customer (KYC) and Anti-Money Laundering (AML) implementation leverages existing banking infrastructure rather than separate crypto-native solutions. Digital identity verification, ongoing transaction monitoring, and enhanced due diligence procedures integrate with consortium members' established compliance systems.
KYC與AML措施將利用現有銀行業核心基礎設施，而非獨立的加密原生方案。數位身份驗證、持續交易監控與強化盡職調查程序，將整合進財團成員既有合規體系。
Proof-of-reserve mechanisms include public attestation dashboards displaying real-time reserve composition and backing ratios. Smart contract integration enables automated compliance verification while maintaining privacy requirements for reserve asset counterparties and detailed composition.
儲備證明機制包括公開的即時儲備結構與支撐比率儀表板。智慧合約整合允許自動合規驗證，同時保持對儲備資產對手方及細部內容的隱私要求。
Cross-border settlement integration supports correspondent banking networks through SWIFT messaging and ISO 20022 standard formats. API connectivity enables integration with traditional banking systems while supporting blockchain-native applications and decentralized finance protocols.
跨境結算支援透過SWIFT訊息與ISO 20022標準格式串接通匯銀行網路。API連線則可與傳統銀行系統結合，同時也支援區塊鏈原生應用與去中心化金融協議。
Liquidity management systems maintain appropriate reserve buffers for redemption volatility while optimizing yield on backing assets within MiCA constraints. Automated rebalancing procedures ensure compliance with asset composition requirements during market volatility.
流動性管理系統會維護適當的儲備緩衝，以因應兌換波動，同時於MiCA限制下最佳化儲備資產收益。自動再平衡程序能在市場波動時確保資產組合持續合規。
Operational risk management includes 24/7 monitoring capabilities, incident response protocols, and business continuity procedures. Cybersecurity frameworks comply with DORA requirements including penetration testing, threat intelligence, and crisis communication procedures.
營運風險管理涵蓋全天候監控能力、事件回應流程及營運持續機制。資安框架則須符合DORA規範，包括滲透測試、威脅情報及危機溝通程序。
Economic Mechanics and Liquidity Framework
The consortium's liquidity provisioning strategy leverages traditional banking market-making capabilities combined with decentralized finance protocol integration. Primary liquidity sources include consortium member bank treasury operations, qualified market makers, and automated market maker (AMM) protocols on supported blockchain networks.
該財團的流動性提供策略結合傳統銀行造市能力及去中心化金融協議整合。主要流動性來源包含財團成員銀行的庫存部門、專業造市商，以及在支援的區塊鏈網路上運作的自動化造市協議（AMM）。
Redemption mechanics guarantee 1:1 euro conversion at par value with same-day settlement during European banking hours and next-business-day settlement for after-hours requests. The unlimited redemption commitment differentiates the bank-backed model from crypto-native stablecoins with minimum redemption thresholds or processing delays.
兌換機制保證以1:1歐元面值進行贖回，歐洲銀行營業時間內申請可當日結算，非營業時間則次一營業日完成。無上限兌換承諾，使銀行支持的穩定幣模型有別於加密原生穩定幣的最低兌換門檻及處理延遲。
Integration with TARGET2 enables large-value institutional settlements with central bank finality, while TIPS connectivity supports 24/7 instant payments for smaller transactions. This dual-rail architecture provides operational resilience and cost optimization across different transaction sizes.
串接TARGET2可支援中央銀行保證最終結算的大額機構交易，TIPS則提供全天候的小額即時支付。此雙軌道架構讓不同規模交易均兼顧營運韌性與成本優化。
Secondary market liquidity development requires coordination with major cryptocurrency exchanges supporting MiCA-compliant token listing. Early exchange partnerships likely include Coinbase, Kraken, and European-regulated platforms like Bitstamp and Bitpanda, which have delisted non-compliant stablecoins under regulatory pressure.
次級市場流動性發展需協調主要加密貨幣交易所支援MiCA合規代幣上架。早期合作交易所預期將涵蓋Coinbase、Kraken，以及已因監管壓力下架未合規穩定幣的歐洲合規平台如Bitstamp、Bitpanda等。
Market making operations may utilize consortium bank proprietary trading capabilities alongside external market makers contracted for continuous liquidity provision. Spread targets and minimum order sizes require balancing profitability with market accessibility for both institutional and retail users.
造市活動可結合財團銀行自營交易實力與外部造市商長期合作，共同維持市場流動性。價差目標與最低下單量設計需兼顧盈利與機構及散戶用戶的市場可及性。
Interest rate considerations involve reserve asset yield optimization within MiCA investment restrictions. While the stablecoin itself pays no interest to holders, reserve management generates returns through short-term government securities and central bank deposits, potentially supporting operational cost coverage.
利率規劃重點為依MiCA投資限制優化儲備資產收益。穩定幣本身不支付持有人利息，然而儲備管理可以短期國債與央行存款等方式創造收益，有助於營運成本補貼。
Cross-currency liquidity management addresses foreign exchange exposures for international users converting from non-euro currencies. Consortium banks' existing FX trading capabilities provide competitive advantages over crypto-native issuers lacking institutional FX infrastructure.
跨幣種流動性管理著眼於國際用戶將非歐元貨幣兌換時所產生的匯率曝險。財團銀行既有的外匯交易能力，相較缺乏機構級外匯基礎架構的加密原生發行商，更具競爭優勢。
Settlement finality varies by blockchain network and transaction size. On-chain transactions achieve probabilistic finality based on block confirmations, while traditional banking settlement provides legal finality through payment system rules. Hybrid settlement architecture accommodates different finality requirements across use cases.
不同區塊鏈及交易規模有不同的結算終局性。鏈上交易依區塊確認次數達機率性終局；傳統銀行結算則透過支付系統規則實現法律終局性。混合結算架構能兼容多樣用例的終局需求。
Treasury management operations maintain optimal reserve composition balancing liquidity, yield, and regulatory compliance. Stress testing procedures model redemption scenarios including bank runs, market volatility, and operational disruptions affecting reserve asset values.
財資管理須掌握最佳儲備組成，兼顧流動性、收益率及合規性。壓力測試模擬兌換情境，包括擠兌、金融市場波動及操作中斷對儲備資產的影響。
Risk management frameworks address credit, market, operational, and liquidity risks inherent in stablecoin operations. Consortium diversification reduces single-bank concentration while potentially complicating risk assessment and management coordination.
風險管理框架涵蓋穩定幣運營中的信用、市場、營運、流動性等本質風險。多銀行財團分散單一銀行風險，但也讓風險評估及協作變得更為複雜。
Trust Architecture and Insolvency Protection
Legal protection mechanisms under MiCA provide enhanced security compared to crypto-native stablecoin issuers through mandatory reserve segregation and qualified custodian requirements. Reserve assets must be held separate from issuer proprietary assets with bankruptcy-remote structures ensuring creditor priority for stablecoin holders.
根據MiCA的法律保護機制，強制儲備隔離及合格託管要求，令其安全性大幅高於加密原生穩定幣發行商。儲備資產必須與發行方自有資產分離，採用破產隔離架構，確保穩定幣持有人享有優先清償權。
Custodial arrangements involve third-party qualified custodians meeting MiCA professional requirements rather than self-custody by the issuing consortium. This structure prevents potential conflicts of interest while ensuring independent oversight of reserve asset management and availability.
資產託管安排由第三方合格託管人擔任，符合MiCA專業要求，而非由發行財團自行管理。此架構避免潛在利益衝突，同時確保儲備資產管理的獨立監督與可用性。
Insurance frameworks may include traditional banking insurance coverage for operational risks, cyber security incidents, and custody arrangements. However, stablecoin-specific insurance remains limited, requiring innovative risk transfer mechanisms or consortium self-insurance through capital buffers.
保險機制可涵蓋營運風險、資安事件及託管責任等傳統銀行保障範疇。但穩定幣專屬保險目前仍有限，需發展創新風險轉嫁機制或由財團自設資本緩衝自保。
Resolution planning addresses scenarios including partial bank withdrawal from the consortium, regulatory enforcement actions, and complete operational wind-down. MiCA requires detailed recovery and resolution plans ensuring orderly liquidation procedures and customer notification protocols.
清算規劃涵蓋成員銀行部分退出、監管介入及全盤業務終止等情境。MiCA規定需備妥詳盡的復原與清算計畫，以確保清算程序有序、客戶通知符合規範。
Credit risk management involves careful counterparty selection for reserve asset custody and investment. Government securities expose the consortium to sovereign credit risks, while commercial bank deposits create counterparty exposures requiring diversification and credit quality maintenance.
信用風險管理需謹慎篩選儲備資產的保管及投資對手。公債會造成主權信用風險，銀行存款則引入對手方風險，需透過分散配置及維護信用品質來控管。
Operational resilience frameworks address technology failures, cyber security incidents, and business continuity disruptions. Multi-bank operational redundancy provides resilience advantages compared to single-issuer models, though coordination complexity may create different operational risks.
營運韌性架構著眼於技術故障、資安事件與營運中斷。多銀行分散模式在韌性上優於單一路徑發行架構，但協作難度提高，可能引入不同型態營運風險。
Audit requirements include regular third-party verification of reserve composition, compliance procedures, and operational controls. Big Four accounting firm engagement provides credibility while independent security audits verify smart contract correctness and cybersecurity effectiveness.
審計要求需定期委託第三方查驗儲備組成、合規流程及營運管控。四大會計師事務所參與提升公信力，並需獨立資安審查智慧合約正確性及資訊安全成效。
Market stress testing evaluates performance under adverse scenarios including rapid redemptions, reserve asset value declines, and banking sector disruptions. Scenario analysis must address correlation risks between consortium member
市場壓力測試必須評估於快速贖回、儲備資產價值下跌及銀行業動盪等逆境下的系統表現。情境分析必須處理財團成員間潛在相關風險。banks and broader European banking system stability.
銀行以及更廣泛歐洲銀行體系的穩定性。
Market Strategy and Adoption Pathway
市場策略與採用路徑
The consortium's go-to-market strategy prioritizes institutional adoption through existing banking relationships before expanding to retail users. Corporate treasury management, trade finance, and cross-border payments represent initial high-value use cases leveraging established bank customer relationships.
The consortium's go-to-market strategy prioritizes institutional adoption through existing banking relationships before expanding to retail users. Corporate treasury management, trade finance, and cross-border payments represent initial high-value use cases leveraging established bank customer relationships.
Distribution advantages include access to consortium members' combined customer base of millions of corporate and retail banking clients across Europe. This contrasts favorably with crypto-native issuers requiring separate customer acquisition and onboarding processes. 分銷優勢包括可觸及聯盟成員數百萬歐洲企業和零售銀行客戶的綜合客群。這與加密原生發行者必須個別拓展用戶及完成啟用流程形成強烈對比。
Exchange listing strategy likely prioritizes MiCA-compliant European exchanges before expanding to global platforms. Regulatory compliance provides competitive advantages as major exchanges including Coinbase and Crypto.com delist non-compliant stablecoins under regulatory pressure. 交易所上架策略很可能會優先考慮符合MiCA規範的歐洲交易所，之後再擴展至全球平台。在主要交易所如Coinbase和Crypto.com因監管壓力而下架不合規的穩定幣下，合規性帶來競爭優勢。
Institutional custody integration targets major European custody providers including BNY Mellon, State Street, and Northern Trust's European operations. Bank-issued stablecoins may receive preferential custody treatment compared to crypto-native alternatives due to established banking relationships. 機構託管整合對象為主要歐洲託管機構，包括BNY Mellon、State Street及Northern Trust的歐洲業務。由銀行發行的穩定幣，憑藉現有的銀行關係，可能相較加密原生穩定幣獲得較優惠的託管待遇。
Decentralized finance (DeFi) protocol integration enables yield generation through lending markets, automated market makers, and synthetic asset protocols. However, regulatory uncertainty about DeFi protocol compliance may limit initial integration scope. 與去中心化金融（DeFi）協議整合可利用借貸市場、自動造市商和合成資產協議創造收益。但DeFi合規性的監管不確定性，可能限制初期的整合範圍。
Corporate adoption incentives may include preferential pricing for consortium bank customers, integration with existing cash management platforms, and customized treasury solutions. Payment processor integration supports merchant adoption for both online and offline commerce. 企業採用誘因可能包括聯盟銀行客戶的優惠價格、與現有資金管理平台的整合，以及客製化財資解決方案。與支付處理商整合可支持線上及線下商家採用。
Geographic expansion likely follows consortium member bank international networks, with initial focus on European Union markets before considering non-EU jurisdictions. Regulatory arbitrage opportunities exist in markets with less developed crypto-asset frameworks. 地理擴張可能遵循聯盟成員銀行的國際網絡，初期將聚焦歐盟市場，之後才考慮非歐盟地區。加密資產法規較不成熟的市場存在監管套利機會。
Partnership development includes fintech companies, payment processors, and technology providers supporting blockchain infrastructure development. Strategic alliances with companies like Stripe, which offers stablecoin payment processing, could accelerate merchant adoption. 合作夥伴發展包括金融科技公司、支付處理商及支持區塊鏈基礎設施開發的技術提供商。與如Stripe提供穩定幣支付處理的公司建立策略聯盟，能加速商戶採用。
Marketing strategy emphasizes regulatory compliance, institutional backing, and European monetary sovereignty themes. This positioning differentiates from crypto-native issuers while appealing to risk-averse corporate treasurers and compliance-focused institutions. 行銷策略強調合規、機構支持及歐洲貨幣主權等主題。這一定位與加密原生發行者區隔，並吸引風險趨避的企業財務部門及重視合規的機構。
Customer education programs address stablecoin mechanics, regulatory protections, and operational procedures for both institutional and retail users. Educational initiatives leverage consortium banks' existing customer communication channels and relationship management capabilities. 客戶教育計畫涵蓋穩定幣運作原理、監管保護、操作流程，面向機構及普羅用戶。教育措施可善用聯盟銀行現有的客戶溝通管道與關係管理能力。
Market Analysis
市場分析
The euro stablecoin market represents a significant growth opportunity despite currently comprising only 0.2% ($564 million) of the total $251.7 billion stablecoin market. Existing euro stablecoins include Circle's EURC, Stasis's EURS, and Membrane Finance's EUROe, each with different regulatory approaches and market positioning.
The euro stablecoin market represents a significant growth opportunity despite currently comprising only 0.2% ($564 million) of the total $251.7 billion stablecoin market. Existing euro stablecoins include Circle's EURC, Stasis's EURS, and Membrane Finance's EUROe, each with different regulatory approaches and market positioning.
Circle's EURC achieved MiCA compliance in 2024 and maintains the largest regulated euro stablecoin market presence. The consortium faces direct competition from Circle's established exchange relationships, institutional adoption, and multi-blockchain support. However, bank-backed governance may provide trust advantages for traditional financial institutions. Circle的EURC於2024年取得MiCA合規資格，並持續維持最大合規歐元穩定幣市場份額。該聯盟直接面臨Circle於交易所、機構採用及多鏈支持上的競爭。然而，銀行背書的治理結構或將為傳統金融機構帶來信任優勢。
Tether's EURT faces regulatory pressure under MiCA compliance requirements, potentially creating market share opportunities for compliant alternatives. Major European exchanges have begun delisting non-compliant stablecoins, providing regulatory arbitrage advantages for MiCA-compliant issuers. Tether的EURT受到MiCA合規要求的監管壓力，或產生合規競品的市場份額機會。歐洲主要交易所已開始下架不合規的穩定幣，為MiCA合規發行方帶來監管套利優勢。
U.S. dollar stablecoin competition includes USDT ($139 billion market cap) and USDC ($61 billion market cap), which dominate cross-border payments and DeFi applications. The euro consortium must demonstrate clear value propositions beyond currency denomination to capture meaningful adoption. 美元穩定幣競爭對手包括USDT（市值1,390億美元）和USDC（市值610億美元），兩者主導跨境支付及DeFi應用。歐元聯盟必須展現貨幣面額之外的明確價值主張，方能有效推動採用。
Bank-led stablecoin precedents include JPMorgan's JPM Coin (now Kinexys), processing $1 billion daily volume among institutional clients, and Fnality's multi-bank wholesale settlement platform. These examples demonstrate bank capability for stablecoin development while highlighting institutional adoption challenges. 由銀行主導之穩定幣先例有摩根大通的JPM Coin（現更名為Kinexys），其每日為機構客戶處理10億美元交易量；還有Fnality的多銀行批發結算平台。這些範例展現銀行在開發穩定幣上的能力，同時也凸顯機構採用面臨的挑戰。
Regulatory compliance provides competitive advantages as MiCA enforcement eliminates non-compliant alternatives from European markets. However, the consortium faces time-to-market disadvantages compared to established stablecoins with existing liquidity networks and technical infrastructure. 合規性帶來競爭優勢，隨著MiCA執行，非合規產品將退出歐洲市場。然而，聯盟相較現有具備流動性網絡與技術基礎的穩定幣，在時效上存在劣勢。
Network effects favor incumbent stablecoins with established exchange listings, DeFi protocol integrations, and user adoption. The consortium must overcome switching costs and liquidity fragmentation while building parallel ecosystem infrastructure. 網絡效應傾向既有的穩定幣，因為它們已在交易所上市、與DeFi協議整合並獲得用戶採用。聯盟必須克服轉移成本與流動性分散，同時建構平行的生態系統基礎。
Reserve transparency and audit quality represent potential competitive advantages for bank-backed models compared to crypto-native issuers with limited disclosure practices. However, operational complexity from multi-bank coordination may create efficiency disadvantages requiring careful management. 銀行背書模式在儲備透明度及審計品質上，相較資訊揭露有限的加密原生發行者具有潛在競爭優勢。但涉及多家銀行協同作業的營運複雜度，或帶來效率劣勢，需審慎管理。
Distribution network advantages through traditional banking channels contrast with crypto-native issuers' focus on decentralized platforms and direct user acquisition. Success depends on bridging traditional finance and crypto ecosystems rather than competing within established crypto markets. 透過傳統銀行管道的分銷網路優勢，與加密原生發行者專注於去中心化平台及直接用戶導向形成對比。成功關鍵在於連結傳統金融與加密生態，而非僅在既有加密市場中競爭。
Strategic positioning against future digital euro implementation requires complementary rather than competitive positioning. The consortium's private sector flexibility and yield-generating capabilities may coexist with public sector digital currency for different use cases and user segments. 未來歐元數位貨幣實施時，策略定位應側重互補而非競爭。聯盟於靈活性和創造收益上的優勢，有望與公共部門的數位貨幣並存，服務不同場景及用戶群。
Regulatory Risks and Digital Euro Interaction
監管風險及數位歐元互動
European Central Bank policy toward private stablecoins remains cautiously supportive while emphasizing public sector digital currency development. ECB officials including Executive Board member Piero Cipollone have indicated the digital euro could launch by 2029, creating potential competition for private alternatives.
European Central Bank policy toward private stablecoins remains cautiously supportive while emphasizing public sector digital currency development. ECB officials including Executive Board member Piero Cipollone have indicated the digital euro could launch by 2029, creating potential competition for private alternatives.
Digital euro design features include privacy protections, zero interest rates, and holding limits intended to prevent bank disintermediation. These characteristics suggest potential coexistence opportunities with private stablecoins offering different value propositions including yield generation and programmability. 數位歐元設計特徵包括隱私保障、零利率及持有上限，意在防止銀行中介角色遭到削弱。這些特性顯示，與主打收益及可程式化等不同價值訴求的私營穩定幣間存在共存契機。
Regulatory uncertainty includes potential policy changes affecting stablecoin operations, capital requirements, or cross-border usage restrictions. The consortium must maintain regulatory flexibility while avoiding over-investment in potentially obsolete compliance frameworks. 監管不確定性為可能涉及穩定幣運營、資本要求或跨境使用的政策變動。聯盟需保持合規彈性，避免對可能過時之規範體系投入過多資源。
Monetary policy implications concern ECB officials regarding deposit substitution effects and reduced monetary transmission effectiveness. Large-scale stablecoin adoption could theoretically reduce bank deposit funding and affect credit intermediation capabilities. 貨幣政策層面，ECB官員關切存款替代效應與貨幣傳導效力下降。大規模穩定幣採用，理論上恐減少銀行存款來源，影響信貸中介能力。
Cross-border regulatory coordination challenges include varying national implementations of MiCA requirements and potential conflicts with non-EU regulatory frameworks. International expansion requires navigation of complex jurisdictional requirements and regulatory cooperation agreements. 跨境監管協調面臨挑戰，包括各國MiCA要求的不一致實施及與非歐盟監管架構的潛在衝突。國際擴張需因應各司法轄區規定及監管合作協議的複雜性。
Prudential banking regulations may impose additional capital requirements, leverage constraints, or operational restrictions on bank stablecoin issuers. The intersection of banking and crypto-asset regulations creates compliance complexity requiring specialized expertise. 審慎性銀行監管可能對銀行穩定幣發行者新增資本要求、槓桿限制或營運約束。銀行與加密資產規範交集，帶來需專業知識的合規複雜性。
Political risk factors include potential policy shifts affecting European digital sovereignty initiatives, banking sector regulation, or international payment system governance. Geopolitical tensions could influence regulatory approaches to private versus public digital currencies. 政治風險因素包括可能影響歐洲數位主權、銀行業監管或國際支付體系治理的政策轉變。地緣政治緊張局勢亦可能影響對民間與公部門數位貨幣的監管思維。
Systemic risk concerns involve potential financial stability implications from large-scale stablecoin adoption, including deposit migration, liquidity risks, and operational dependencies. Regulatory responses could include additional restrictions or enhanced supervision requirements. 系統性風險則關乎大規模穩定幣採用對金融穩定性的潛在衝擊，包括存款遷移、流動性風險及營運依賴。監管可能以額外限制或加強監理應對。
Competition policy implications arise from bank consortium coordination in stablecoin issuance, potentially raising antitrust concerns if market concentration becomes excessive. Regulatory authorities may impose structural or operational restrictions to maintain competitive markets. 競爭政策層面，銀行聯盟協同發行穩定幣，若市場集中度過高，恐引發反壟斷問題。監管機關可能訂定結構或操作限制，維持市場競爭。
Technical regulatory requirements continue evolving through ESMA guidance, national competent authority interpretations, and international standard-setting body recommendations. Ongoing compliance requires continuous monitoring and adaptation capabilities. 技術性監管要求仍在演變，包括ESMA指引、各國主管機關詮釋及國際標準制定機構建議。持續合規需有持續監控及適應能力。
Macroeconomic and Systemic Implications
宏觀經濟及系統性影響
The euro consortium's success could significantly impact European monetary policy transmission and financial system architecture. Bank for International Settlements research suggests stablecoins perform poorly on traditional monetary system tests for singleness, elasticity, and settlement finality, potentially affecting ECB policy effectiveness.
The euro consortium's success could significantly impact European monetary policy transmission and financial system architecture. Bank for International Settlements research suggests stablecoins perform poorly on traditional monetary system tests for singleness, elasticity, and settlement finality, potentially affecting ECB policy effectiveness.
Deposit substitution effects represent primary central bank concerns, with Federal Reserve research indicating potential 10-15% reduction in bank financing resources under extreme stablecoin adoption scenarios. However, bank-issued models may mitigate disintermediation risks compared to non-bank alternatives. 存款替代效應為各國央行主要關切，美聯儲研究顯示，極端穩定幣採用情境下，銀行資金來源可能減少10-15%。不過，相比非銀行發行者，由銀行發行模式或能降低中介被取代的風險。
Cross-border payment system implications include potential competition with correspondent banking networks and traditional payment processors. The consortium's 24/7 settlement capabilities could capture market share from established international payment systems including SWIFT-based transfers. 跨境支付層面，聯盟的24/7結算能力，潛在將對往來銀行網絡及傳統支付處理商構成競爭，進一步分食SWIFT等傳統國際轉帳系統市佔。
Capital flow management challenges arise from stablecoin-enabled rapid cross-border transfers potentially
穩定幣促使資本可以高速跨境流動，帶來資本流動管理的挑戰。complicating monetary policy implementation and exchange rate management. Financial Stability Board guidance emphasizes need for comprehensive oversight across jurisdictions.
複雜化了貨幣政策執行與匯率管理。金融穩定理事會的指引強調必須跨法域進行全面監管。
Sanctions enforcement implications require robust AML/CFT compliance systems addressing pseudonymous blockchain transactions and decentralized platform integration. The consortium's bank-based compliance infrastructure provides advantages over crypto-native alternatives with limited regulatory oversight.
制裁執行的相關影響，要求建立健全的防制洗錢/打擊資恐（AML/CFT）合規系統，以因應具匿名性的區塊鏈交易與去中心化平台整合。該聯盟的銀行基礎合規架構，較缺乏監管的原生加密貨幣方案具有明顯優勢。
European strategic autonomy benefits include reduced dependence on U.S. dollar-denominated payment systems and enhanced euro international role. Atlantic Council research identifies stablecoins as manifestations of geopolitical competition among major currency areas.
歐洲戰略自主性帶來的好處，包括減少對美元計價支付系統的依賴，並提升歐元的國際地位。大西洋理事會的研究指出，穩定幣反映出主要貨幣區之間的地緣政治競爭。
Banking sector impacts involve potential balance sheet reshuffling with reserve liabilities replacing traditional deposits. While individual effects may be limited, systemic adoption could affect bank funding costs, credit intermediation, and profitability.
對銀行業的影響包括，資產負債表可能重新調整，準備金負債取代傳統存款。雖然個別影響可能有限，但若系統性廣泛採用，可能影響銀行籌資成本、信用中介功能及獲利能力。
Payment system evolution includes integration with existing European infrastructure while supporting blockchain-based innovation. Technical interoperability between traditional and crypto-native systems requires careful architecture design and regulatory coordination.
支付系統的發展涵蓋與既有歐洲基礎設施的整合，同時支持基於區塊鏈的創新。傳統系統與加密原生系統間的技術相容性，須謹慎進行架構設計及監管協調。
Financial inclusion considerations involve expanding digital payment access while maintaining consumer protections and regulatory oversight. Bank-issued stablecoins may provide safer alternatives to unregulated crypto-native options for underbanked populations.
在金融普惠層面，須兼顧擴展數位支付的可得性，並維持消費者保障與監管管理。由銀行發行的穩定幣，對於銀行服務不足族群，可能比無監管的加密原生選項更為安全可靠。
International competitiveness implications include European positioning in global stablecoin markets currently dominated by U.S. issuers. Success could influence other currency areas to develop similar bank-led digital currency initiatives.
國際競爭力方面，目前全球穩定幣市場主要由美國發行者主導，歐洲正試圖提升自身定位。若計畫成功，可能促使其他貨幣區發展類似由銀行主導的數位貨幣方案。
Practical Investment and User Guidance
Institutional investors should evaluate the consortium's regulatory compliance status, reserve composition transparency, and operational risk management before adoption. The MiCA framework provides enhanced legal protections compared to non-regulated alternatives, though implementation risks remain during the initial launch phase.
機構投資人應在參與前評估該聯盟的監管合規情況、準備金組成透明度及營運風險管理。與未受監管的選擇相比，MiCA 框架下可享有更高的法律保障，但初期上線階段仍存在執行風險。
Corporate treasurers considering stablecoin adoption for payments or treasury management should assess integration capabilities with existing banking relationships, settlement efficiency improvements, and regulatory compliance requirements. The consortium's bank-backed model may provide familiar counterparty risk profiles compared to crypto-native alternatives.
企業財務長若考慮將穩定幣應用於支付或資金管理，應檢視與現有銀行關係的整合能力、結算效率提升空間及相應合規要求。該聯盟以銀行為後盾的模式，相較加密原生選項，提供較熟悉的交易對手風險輪廓。
Exchange operators and custody providers must verify regulatory compliance status and technical integration requirements before supporting the new stablecoin. MiCA compliance obligations apply to service providers as well as issuers, requiring comprehensive compliance framework development.
交易所營運商與託管機構，在支援新穩定幣前須核查其合規情形與技術整合需求。MiCA 框架下，服務提供者及發行人皆負有合規責任，需建立完整的合規體系。
Retail users should understand redemption procedures, customer protection mechanisms, and operational limitations before adoption. While MiCA provides consumer protections, stablecoin holdings differ from traditional bank deposits in terms of insurance coverage and regulatory oversight.
一般用戶在使用前，應瞭解兌換流程、客戶保障機制及運作限制。雖然 MiCA 提供消費者保障，但穩定幣持有與傳統銀行存款在保險涵蓋範圍及監管機制上仍有差異。
Risk management considerations include concentration risk from multi-bank consortium structure, operational risk from complex coordination requirements, and market risk from euro stablecoin market development. Diversification across stablecoin issuers and currency denominations may provide risk mitigation.
風險管理層面，需留意多銀行聯盟結構下的集中風險、複雜協調所產生的營運風險，以及歐元穩定幣市場發展帶來的市場風險。於不同穩定幣發行人及貨幣類型分散配置可助降低風險。
Due diligence requirements include verification of reserve composition, audit quality, and compliance status. Users should monitor monthly attestation reports, regulatory approval status, and operational performance indicators including redemption processing times and technical uptime.
盡職調查項目應涵蓋準備金組成、稽核品質及合規狀況。用戶宜定期關注每月保證報告、監管核准情形，以及含兌換處理時間、技術運作率等營運績效指標。
Red flags to monitor include delayed regulatory approvals, reserve composition changes, operational disruptions, or consortium member bank withdrawals. Early warning indicators of stress include redemption processing delays, reserve ratio declines, or technical integration failures.
需注意的警示訊號包括監管核可延宕、準備金成分異動、營運中斷，或聯盟銀行退出。壓力的早期徵兆則有兌換延遲、準備金比率下降，或技術整合失敗。
Custody considerations involve selection of qualified custodians supporting the new stablecoin while meeting regulatory requirements and operational standards. Institutional custody providers may require separate due diligence processes for bank-issued versus crypto-native stablecoins.
託管安排需選擇符合法規要求及營運標準的合格機構。機構級託管服務可能針對銀行發行及加密原生穩定幣，分別進行盡職審查。
Tax implications vary by jurisdiction and user type, requiring professional advice for specific situations. Stablecoin transactions may trigger reporting requirements under existing tax frameworks despite currency stability objectives.
稅務影響因法域與用戶類型而異，具體情況須諮詢專業建議。即便標榜幣值穩定，穩定幣交易仍可能觸發現行稅法下的申報義務。
Operational readiness involves technical integration planning, compliance procedure development, and staff training for organizations planning stablecoin adoption. Early adoption may provide competitive advantages but requires sophisticated risk management capabilities.
營運準備包括技術整合規劃、合規流程建立及人員訓練。組織若計劃導入穩定幣，早期採用可爭取競爭優勢，惟亦須具備高度風險管理能力。
Final thoughts
The consortium's success depends on effective execution across regulatory approval, technical implementation, and market adoption phases. Key performance indicators include regulatory approval timeline, initial market capitalization growth, exchange listing progress, and institutional customer onboarding rates.
聯盟的成功仰賴於監管核准、技術落實與市場採用等多階段有效執行。主要績效指標包括監管核准時程、初期市值增長、交易所上市進度與機構客戶導入比例。
Short-term milestones to monitor include DNB authorization approval expected in H1 2026, CEO appointment confirmation, and technical architecture finalization. Exchange listing announcements and institutional partnership developments provide market validation indicators.
短期里程碑包括預計2026年上半年取得荷蘭央行（DNB）核准、執行長任命確認及技術架構定稿。交易所上市公告及機構合作進展有助市場信心建立。
Medium-term success factors include market share capture within the euro stablecoin segment, transaction volume growth, and competitive positioning against established alternatives. Integration with major DeFi protocols and payment processing platforms indicates ecosystem adoption progress.
中期成功要素包括歐元穩定幣市占率提升、交易量成長及相對成熟產品的競爭定位。能否與主流 DeFi 協議及支付平台整合，將顯示生態系擴展狀況。
Long-term strategic implications involve European digital currency landscape evolution, regulatory framework maturation, and international expansion potential. Success could establish templates for other regional banking consortiums while influencing central bank digital currency development.
長期策略意涵則在於歐洲數位貨幣格局演變、監管體系成熟及國際擴張機會。若計畫獲致成功，或可成為其他地區銀行聯盟參考模板，並影響央行數位貨幣的發展路徑。
Market metrics to track include total market capitalization growth, daily transaction volumes, number of active addresses, and secondary market liquidity indicators. Reserve composition transparency and audit quality provide operational health assessments.
市場指標應持續追蹤整體市值成長、每日交易量、活躍地址數及次級市場流動性。準備金組成透明度與稽核品質可反映營運健全程度。
Regulatory monitoring requires attention to MiCA implementation guidance, ECB policy statements, and international regulatory coordination developments. Changes in prudential banking requirements or cross-border regulatory frameworks could affect operational viability.
監管動態須密切關注 MiCA 執行指引、歐洲央行（ECB）政策聲明及國際監管協調發展。審慎性銀行要求與跨境監管變化，皆可能影響其營運可行性。
The initiative represents a pivotal moment for European financial sovereignty and stablecoin market evolution. Success could reshape global digital currency competition while failure might reinforce U.S. dollar dominance in digital payments. The next 18 months will prove critical for determining whether European banks can effectively compete in crypto-native markets while maintaining traditional regulatory compliance standards.
此項計畫是歐洲金融主權與穩定幣市場演進的關鍵時刻。成功可重塑全球數位貨幣競局，失敗則可能強化美元在數位支付領域的主導地位。未來18個月，歐洲銀行能否兼顧傳統合規與在加密原生市場競爭力，將迎來決定性考驗。