The regulator will examine the rules for token issuers, CASP, and other key components of the project. The Commission is conducting public consultations open to individuals. In addition, they are receiving technical and legal advice from financial institutions and other regulators. The Commission will accept feedback on the regulations until August 31. Simultaneously, 37 EU banks are coming together to create a payment system based on euro stablecoins. These include BNP Paribas, ING, UniCredit, Raiffeisen, and other institutions from France, Germany, and Northern and Southern European countries. The project plans to launch immediately after obtaining a license in the Netherlands in the second half of 2026. The stablecoin will be backed 1:1 by the euro and high-quality liquid assets, held at regulated depositories.