175-year-old French banking giant ODDO BHF, which manages over €150 billion ($173 billion) in assets, is entering the crypto space with the launch of a euro-backed stablecoin dubbed EUROD.
The token is set to be listed on Madrid-based crypto platform Bit2Me, one of the largest exchanges in the Spanish-speaking world that’s backed by telecom giant Telefonica and other major institutions including banking giants Unicaja and BBVA.
EUROD, according to a press release shared with CoinDesk, is designed to be a compliant, low-volatility digital version of the euro. The firms said it meets requirements under the EU’s new MiCA regulation and is aimed at both retail and institutional users.
Bit2Me, which saw Tether lead a €30 million ($35 million) investment round in it earlier this year, is positioning the listing as a bridge between traditional finance and crypto.
“The listing of ODDO BHF’s euro stablecoin is another important step in Bit2Me’s mission to offer trusted, regulated digital assets,” said Leif Ferreira, Bit2Me’s CEO.
By pairing a euro-pegged digital asset with a regulated banking institution, ODDO BHF is betting on a growing demand for payment solutions that combine the stability of fiat with the convenience of blockchain rails.
While the stablecoin market is heavily dominated by U.S. dollar-backed tokens, major institutions have been venturing into EUR-backed stablecoins. Société Générale-FORGE (SG-FORGE) is one of those institutions, having issued a euro-backed stablecoin called EURCV$1.1570.
Last month, nine European banks including ING, Banca Sella, Dankse Bank, DekaBank, and CaixaBank joined forces to issue a MiCA-Compliant euro-backed stablecoin.