Governments and financial institutions across several regions are making coordinated moves to shape the future of digital assets. A group of European banks has announced plans to launch a euro-backed stablecoin. In South Korea, tech company Naver is moving deeper into the digital finance space through a major crypto exchange deal.
Meanwhile, regulators in Australia and the United States are advancing new rules for crypto businesses and taxation. Stablecoin issuer Circle is also exploring a major shift in how its transactions might be handled.
European Banking Group to Issue Euro Stablecoin Under MiCA Rules
Currently, nine banks from the European Union are working together to develop a euro-pegged stablecoin. It is intended for full compliance with the Markets in Crypto-Assets (MiCA) regulation, with a planned launch targeting the second half of 2026.
Among the institutions involved are ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank, and Banca Sella. Managing the stablecoin project will be a newly founded company based in the Netherlands.
The group’s shared objective is to create a stable, euro-denominated payment instrument for use in both retail and institutional settings. This includes round-the-clock cross-border settlements, low transaction costs, and compatibility with programmable payment systems. The banks say the token will also support various types of digital asset settlements, including tokenized securities.
In a public statement, Floris Lugt, who leads ING’s digital asset team, said:
“Digital payments are key for new euro-denominated payments and financial market infrastructure.” He continued, “We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards.”
The announcement reflects the EU’s broader efforts to reduce reliance on foreign-issued stablecoins and reinforce strategic control over payment systems.
Circle Reviews Transaction Reversibility for USDC
Circle, the issuer of USD Coin (USDC), is studying the possibility of introducing reversible transactions for its stablecoin. This would represent a departure from the current design, where transfers are final and irreversible once confirmed.
Company president Heath Tarbert spoke with the Financial Times and explained the approach being evaluated.
“We are thinking through […] whether or not there’s the possibility of reversibility of transactions,” he said.
He acknowledged that the proposal raises practical questions, noting the tension between immediate transfers and transaction finality.
The feature is being considered as a safeguard against fraud and loss from malicious activity. The company has not yet provided technical details or outlined a process for how transaction reversals would be triggered.
The proposal has raised questions among developers and users in the blockchain space. Some see the option for limited reversals as a way to build user confidence and make stablecoins more compatible with traditional finance. Others are concerned it could weaken core principles of decentralization, where transactions are meant to be final and not subject to change by any central authority.
Requests for further comment have been made to Circle, though the company has not issued additional information.
Naver Moves to Acquire Upbit, Plans Stablecoin Project
Naver, a major tech company in South Korea, is planning to acquire Dunamu, the operator of Upbit, through a share swap, according to reports from Yonhap and Chosun.
Upbit holds a dominant position in South Korea’s crypto market, both in terms of trading volume and registered users. By acquiring the platform, Naver Financial, the fintech unit of Naver, is positioning itself to enter the crypto space more directly.
The acquisition will also serve as a foundation for a Korean won-backed stablecoin, according to sources familiar with the plan. Naver is also exploring additional digital finance services aimed at expanding its footprint outside South Korea.
An unnamed source cited by Chosun described the plan as “a stepping stone for Naver to become a global fintech company.” Naver and Dunamu have not responded to media inquiries on the subject.
The move aligns with earlier developments in the country. In June, eight major South Korean banks announced plans to develop a stablecoin by late 2025 or early 2026. The Bank of Korea has publicly stated that licensed banks should lead early-stage issuance of stablecoins, with room for expansion into other industries in the future.
Australia Proposes Licensing Framework for Crypto Platforms
Australia’s government has published draft legislation that would introduce new rules for crypto exchanges and digital asset service providers. Assistant Treasurer Daniel Mulino presented the bill at a crypto regulation summit in Sydney.
The proposed law would require exchanges offering digital asset services to register as financial service providers under the Corporations Act. Two new service categories—digital asset platforms and tokenized custody providers—would be established.
Mulino explained that the law is a key part of the country’s digital asset strategy and is now open to public consultation. The bill includes requirements around custody, transaction processing, and risk management.
At present, Australian crypto exchanges only need to register with AUSTRAC for anti-money laundering oversight. The new law would bring these platforms under the supervision of the Australian Securities and Investments Commission.
Mulino said,
“Failures of digital asset businesses have highlighted the consumer risks, particularly where operators pull and hold client assets without consistent safeguards.”
The government aims to close these gaps and ensure that only platforms with proper risk controls are allowed to operate.
The draft also includes conditions for staking, public token systems, and wrapped tokens. The next phase of the process will depend on responses from industry participants.
U.S. Senate to Hold Hearing on Crypto Tax Rules
The U.S. Senate Finance Committee is planning a hearing to examine how digital assets should be treated under federal tax law. The session is scheduled for next Wednesday and will include testimony from representatives of Coinbase and Coin Center.
Meanwhile, the discussion follows recommendations from the White House Digital Asset Working Group, which published a report earlier this year. That report suggested updating the current tax code to address areas such as staking rewards, airdrops, and peer-to-peer payments involving small amounts of crypto.
The present classification of crypto assets by the IRS is that of property. This gives rise to the possibility of a taxable event from almost any transaction, including small purchases. Many sector workers feel that the system is outdated and hard to apply.
The committee, under the chairmanship of Senator Mike Crapo, is expected to concentrase on the question as to whether new guidance will be needed for the benefit of taxpayers and businesses. The hearing’s results may then affect regulations proposed for the U.S.
The other enforcement activity of the IRS has been under crypto-related income since an increase, and depending on Congress’s next action, more detailed rules may surface.
