Italy’s Bancomat has accelerated its digital payments strategy after securing support from nine major Italian banks for its EUR.bank stablecoin initiative. The payments company confirmed that the participating lenders will begin internal testing as the project moves closer to regulatory review. The development signals growing interest among traditional European banks in blockchain-based payment infrastructure despite rising caution from the European Central Bank toward stablecoins.
The founding banking partners include Banca Generali, MPS, Sella, BPM, BPER, Cassa Centrale, CREDEM, Crédit Agricole Italia, and Intesa Sanpaolo. Bancomat stated that the initial phase will focus only on internal operational testing. Hence, customers will not access the stablecoin during the early rollout stage.
Bancomat holds a dominant role in Italy’s payment sector. The company operates debit and credit card services, point-of-sale technology, and a widely used peer-to-peer payment application. Consequently, industry observers expected strong support from domestic banks.
Additionally, the Italian Banking Association, ABI, backed the project from an early stage. ABI previously supported several blockchain initiatives across the country. Its involvement helped create coordination among financial institutions exploring digital settlement systems.
Bancomat described EUR.bank as the first element within a broader digital banking ecosystem. The company plans to introduce additional blockchain-based financial tools in the future. Moreover, the initiative could strengthen domestic control over digital payments as Europe faces increasing competition from global fintech firms.
Three participating banks, including Banca Sella, BPER, and Intesa Sanpaolo, also belong to the Qivalis stablecoin consortium. Qivalis currently includes 37 European financial institutions working on a separate euro-backed stablecoin framework.
Despite growing institutional support, EUR.bank still requires regulatory authorization before any commercial launch. European regulators continue examining how stablecoins could affect monetary policy, banking liquidity, and financial stability.
(adsbygoogle = window.adsbygoogle || []).push({});Significantly, the announcement arrived shortly after European Central Bank President Christine Lagarde reiterated concerns about private stablecoin expansion in Europe. Policymakers fear that widespread stablecoin adoption could weaken traditional banking systems and reduce oversight within payment markets.
However, European banks continue investing in blockchain infrastructure as customer demand for faster settlements grows. Many institutions view regulated stablecoins as an efficient solution for cross-border payments and digital commerce.
Unicredit, which participates in Qivalis, did not join the EUR.bank founding group. That absence has raised questions about whether multiple European stablecoin projects will eventually compete or cooperate.
