Presented at the Payments Forum 2025, Eur-Bank is a banking stablecoin pegged to the euro, with real reserves almost one-to-one. The project aims to strengthen Europe's digital sovereignty, graft interoperability and build a bridge between traditional finance and the tokenized economy, the cornerstone of DeFi.
The announcement was made by Bancomat, as a surprise, at the end of November, at the Milan event. The Eur-Bank ecosystem is part of the fast-growing market segment of the euro stablecoin and puts into circulation a digital currency issued by Italian banks.
The initiative brings Italy to the centre of the European payments evolution and is not only a technological innovation. It aims to create a new architecture of trust between banks; institutions and citizens. In line with the vision of a European digital currency that is both secure and shared, this instrument will provide efficient access to the world of regulated digital assets.
A currency issued directly by the banks
Eur-Bank's identity sets it apart. It does not represent the initiative of private, unregulated operators who wish to create an alternative payment system with possible hidden ulterior motives. It is a systemic banking currency, issued - according to the project - by Italian credit institutions backed by the technological infrastructure, governance and connection to the European networks provided by Bancomat.
The Bancomat Idea
Fabrizio Burlando, Chief Executive Officer and General Manager of Bancomat S.p.A. is increasingly interested in transforming his company's core business, evolving it from a simple payment circuit to a full-fledged digital financial infrastructure. In this strategy, Eur-Bank fits in as a key piece.
During the press conference held at the opening of the last Payments Show, the CEO described Eur-Bank and what it can represent as follows:
"Europe can and must play an even more important role in the payments industry. 98% of stablecoins are issued in dollars, in the United States, by private entities outside the regulated perimeter. In Europe, on the other hand, the MiCAR regulation stipulates that stablecoins can only be issued by banks or supervised payment institutions. This is our starting point. We position ourselves solely as enablers, not issuers. The currency will be distributed by banks and made interoperable by Bancomat technology."
The strategic value of a stablecoin pegged to the euro
Emitting stablecoins pegged to the euro has strategic value. This reinforces the role of the euro in the digital world and at the same time reduces Europe's competitive disadvantage vis-à-vis the United States in the area of decentralised finance. The aim of Bancomat is to create a more efficient payment infrastructure for European citizens, but also attractive for international investors. These could find in the digital euro a more secure, and stable, currency than the dollar stablecoins, thanks to MiCAR's guarantees.
The possible launch window of Eur-Bank
But when could Eur-Bank really become a reality? Bancomat already started a formal dialogue with the Bank of Italy at the end of last year. At Palazzo Koch they are still in the process of evaluating the project, but it seems to be of great interest. According to what Burlando said a couple of months ago:
"The conversation is positive and we are confident that we will obtain the necessary authorisations. We count on launching Eur-Bank during 2026, with the full involvement of the banking system and in coordination with the regulator."
This optimism is due to the fact that Italian banks have already expressed their appreciation. Not only that. Apparently, Bancomat has also received formal mandates to accompany the project once it is actually launched. All that remains is to see how the process will proceed, hopefully with some speed. The path, after all, would make Italy the first European country to launch a regulated banking stablecoin.
