ODDO BHF, French Bank, Unveils New Stablecoin Backed by Euro
ODDO BHF Dives into Cryptocurrency with the Introduction of EUROD, a Stablecoin Pegged to the Euro
Key Points
- French payment giant ODDO BHF launches a euro-backed stablecoin named EUROD.
- EUROD is compliant with the EU’s Markets in Crypto-Assets (MiCA) regulation.
ODDO BHF, a major French payment company with over $173 billion in Asset Under Management (AUM), has introduced a stablecoin backed by the euro, named EUROD.
This marks the firm’s debut in the cryptocurrency sector.
EUROD: A Stablecoin Meeting MiCA Standards
On October 15, the long-established French bank hinted at the launch of a euro-backed stablecoin. This token, EUROD, will be listed on Bit2Me, a crypto platform based in Madrid.
The listing is a significant achievement for the financial platform, as Bit2Me is one of the largest exchanges in the region.
Telecom giant Telefonica and other major institutions such as banking giants Unicaja and BBVA back Bit2Me.
EUROD is designed to serve both retail and institutional clients and meets the regulatory requirements in the region, including the European Union’s Markets in Crypto-Assets (MiCA) regulation.
The launch of EUROD reflects the growing interest in stablecoins due to improved regulation.
Recently, Societe Generale-FORGE (SG-FORGE) and the European crypto platform Bitpanda deepened their partnership to integrate regulated stablecoins into decentralized finance (DeFi).
This enhanced partnership allows Bitpanda’s retail clients to use SG-FORGE’s EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) stablecoins in on-chain lending and borrowing protocols.
Finance Firms Eye MiCA License
Traditional finance players have shown increased interest in crypto investments in recent months.
This shift could be due to the presence of robust and comprehensive regulation in the ecosystem.
In the EU, MiCA has become the guiding framework for these institutional investors, increasing their trust in digital assets.
To meet the growing institutional demand, more firms are striving to obtain regulatory approval from EU states.
In late September, Gate Technology Ltd, a subsidiary of Gate Group, secured the MiCA license from the Malta Financial Services Authority (MFSA).
Dr. Lin Han, the founder of Gate Group, noted that regulatory compliance is crucial for sustained operations across Europe.
In August, the Gemini exchange, operated by the Winklevoss twins, received the MiCA license from the MFSA.
This license allows the crypto exchange to offer its services to all countries within the European Economic Area (EEA).
Other digital asset service providers like Coinbase have also obtained their MiCA license from the relevant authorities.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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