ODDO BHF, a 175-year-old main French financial institution with over 150 billion euros ($173 billion) in property underneath administration, is coming into the cryptocurrency house with the launch of a euro-backed stablecoin known as EUROD.
The token will probably be listed on Bit2Me, a Madrid-based cryptocurrency platform that is among the largest Spanish-speaking exchanges and backed by main establishments reminiscent of telecom large Telefonica and banking giants Unicaja and BBVA.
Based on a press launch shared with CoinDesk, EUROD is designed to be a compliant, low-volatility digital model of the euro. The businesses stated it meets the necessities underneath the EU’s new MiCA regulation and is aimed toward each retail and institutional customers.
Bit2Me, which Tether led in a €30 million ($35 million) funding spherical earlier this 12 months, is positioning its itemizing as a bridge between conventional finance and cryptocurrencies.
“The itemizing of ODDO BHF’s Euro stablecoin is one other necessary step in Bit2Me’s mission to offer trusted and controlled digital property,” stated Leif Ferreira, CEO of Bit2Me.
By combining euro-pegged digital property with regulated banking establishments, ODDO BHF is betting on the rising demand for cost options that mix the soundness of fiat currencies with the comfort of blockchain rails.
Though the stablecoin market is essentially dominated by USD-backed tokens, main establishments are shifting into euro-backed stablecoins. Société Générale-FORGE (SG-FORGE) is one such establishment. EURCV1.1570 {dollars}.
Final month, 9 European banks, together with ING, Banca Sella, Dankse Financial institution, DekaBank, and CaixaBank, partnered to launch a MiCA-compliant euro-backed stablecoin.
