ING Groep (ING) is working on a stablecoin project to capitalize on Europe's new cryptocurrency regulations, CoinDesk reported Tuesday, citing sources.

The company's project could evolve into a consortium effort with banks and cryptocurrency firms, people familiar with the matter told CoinDesk.

Europe's Markets in Crypto Assets regime paved the way for banks last year to issue regulated stablecoins in the 27-state trading bloc, according to the news outlet. The MiCA regime requires stablecoin issuers in the member countries to obtain an authorization license and hold considerable capital reserves, according to CoinDesk.

ING Groep didn't immediately respond to a comment request from MT Newswires.

Shares were up nearly 3% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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