ODDO BHF Launches EUROD, a Euro-Backed Stablecoin
French banking giant ODDO BHF has entered the crypto market with its new stablecoin, EUROD. this token is pegged to the euro and will be available on the Madrid-based crypto platform Bit2Me.
EUROD aims to provide a stable digital asset for both retail and institutional users. It is backed on a 1:1 ratio with the euro and complies with the EU’s MiCA regulatory framework. This move is important for ODDO BHF, which manages over €150 billion in assets across Europe.
Bit2Me CEO Leif Ferreira stated, “The listing of ODDO BHF’s euro stablecoin is a crucial step in our mission to offer trusted, regulated digital assets.” Bit2Me recently raised €30 million in an investment round led by Tether.
ODDO BHF joins other European banks in launching euro-backed stablecoins. Societe Generale’s digital asset arm recently launched its 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 stablecoin venture.
The interest in euro-backed tokens is driven by the desire to challenge the U.S. dollar’s dominance in the stablecoin market. Tether’s USDT is the top stablecoin by market cap, with a 59.01% share. Euro-backed stablecoins currently contribute only around $573.9 million to the $306 billion stablecoin market cap.
ODDO BHF’s EUROD aims to provide a secure and regulated digital asset option for investors seeking stability in the volatile crypto market. This launch marks the bank’s first venture into the crypto space.
