(Alliance News) - Bancomat is reportedly working on the development of a Euro-pegged stablecoin alongside nine Italian banks, including Intesa Sanpaolo, Banco BPM, BPER Banca, Monte dei Paschi di Siena, Banca Sella, Credem, Banca Generali, Crédit Agricole Italia, and Cassa Centrale Banca, as reported by Il Sole 24 Ore on Thursday.

The project, dubbed Eur.Bank, involves the creation of an infrastructure that allows institutions to issue and manage digital currency while keeping deposits within the banking system, the newspaper explained.

According to Bancomat CEO Fabrizio Burlando, the funds used to purchase the stablecoin would remain deposited at the originating bank through dedicated accounts.

The group plans to launch the first internal trials starting in July, while the commercial rollout is expected once regulatory approvals have been obtained.

In addition to the stablecoin, the project includes the development of a digital wallet capable of integrating traditional euros, digital euros, and tokenized money, with the aim of supporting services related to asset tokenization and blockchain-based payments.

By Claudia Cavaliere, Alliance News reporter

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