ODDO BHF Launches EUROD: A Euro-Backed Stablecoin for the crypto Market
French banking giant ODDO BHF has entered the crypto market with its new euro-backed stablecoin, EUROD. This move is part of a growing trend among European banks to develop stablecoins pegged to the euro. The goal is to challenge the dominance of U.S. dollar-backed tokens.
EUROD will be listed on Bit2Me, a madrid-based crypto platform. It aims to provide a low-volatility digital asset that complies with the EU’s MiCA regulatory framework. The token will be backed on a 1:1 ratio with the euro, catering to both retail and institutional users.
ODDO BHF manages over €150 billion in assets across Europe. By launching EUROD, the bank aims to offer a secure and regulated digital asset option for investors seeking stability in the volatile crypto market.
Bit2Me CEO Leif Ferreira stated, “The listing of ODDO BHF’s euro stablecoin is a meaningful step in our mission to provide trusted, regulated digital assets.” Bit2Me recently raised €30 million in an investment round led by Tether.
ODDO BHF joins other European financial institutions in the stablecoin space. Societe Generale’s digital asset arm launched U.S. dollar-backed and euro-pegged stablecoins on Morpho and Uniswap. nine European banks, including UniCredit SpA and ING Groep NV, are also planning a joint euro-backed stablecoin venture.
The interest in euro-backed tokens stems from the desire to challenge the U.S. dollar’s dominance in the stablecoin market. Tether’s USDT holds a 59.01% market share, while euro-backed stablecoins contribute only around $573.9 million out of the total $306 billion stablecoin market cap.
