First Portuguese Bank Stablecoin Goes Live

Bison Bank has launched what it calls Portugal's first bank-issued stablecoin, the Bison Bank Electronic Money Token, marking a notable step for the country's regulated digital asset sector. The token is issued in two forms: one referenced to the euro, named $EUB, and another referenced to the US dollar, named $USB. Both are designed for fast, secure, and transparent international payments and transfers.

What the Token Is and How It Works

An e-money token is the digital equivalent of cash, built on blockchain technology. Each token represents an equivalent value in a traditional currency and is issued by a regulated entity, in this case Bison Bank, which guarantees that every token is backed 1:1 by real currency reserves. Reserves are held in ECB-eligible government bills with maturities under three months, a structure designed to withstand market shocks. Reserves are audited monthly and held in segregated accounts.

The initiative is in full compliance with the MiCA (Markets in Crypto-Assets) Regulation, the European Union's legal framework designed to harmonize crypto-asset regulation and ensure operational security and stability. Portugal officially completed the implementation of MiCA on December 22, 2025, under Law 69/2025, with the Bank of Portugal and the Portuguese Securities Market Commission (CMVM) designated as the supervising authorities for digital asset activities.

As a MiCA-compliant Electronic Money Token issued by a regulated EU credit institution under ECB supervision, the token qualifies for preferential treatment under the Basel Committee's prudential treatment of cryptoasset exposures (SCO60), effective January 1, 2026. This enables financial institutions in jurisdictions aligned with the Basel Framework to integrate the token into their treasury management and balance-sheet treatment with capital requirements aligned to the underlying fiat reference asset.

A Deliberate Move Ahead of the MiCA Deadline

The stablecoin launch is part of a broader set of strategic initiatives that also includes the merger of Bison Bank's crypto subsidiary Bison Digital Assets (BDA) into the main bank, and the development of real-world asset (RWA) tokenization capabilities covering real estate and investment funds. These initiatives are designed to enhance the bank's value proposition for its global client base, which spans over 140 countries.

The timing is calculated. Some EU countries have chosen to apply the full 18-month grandfathering period allowed under MiCA, giving existing crypto-asset service providers until July 1, 2026, to continue operating under their national regimes before needing full authorization. After that date, any Portuguese fintech that wants to issue or distribute crypto tokens will need the same license Bison already holds. Bison Bank is already positioned on the right side of that line.

CEO António Henriques framed the launch in global terms: "Our new e-money token serves as a secure and stable bridge between traditional money and the digital future, focused on creating an efficient, fast, and secure channel for cross-border payments and transfers among a select group of institutional partners."

Sources:
Bison Bank official announcement: First Portuguese stablecoin launch
PR Newswire: Bison Bank MiCA-compliant stablecoin press release
Essential Business: Bison Bank launches Portugal's first stablecoin