175-year-old banking banking Oddo BHF, who manages more than € 150 billion ($ 173 billion) on the properties, is entering the crypto space with the launch of an Euro-supported stablecoin called Eurod.
The token is set to be listed on the Madrid -based Crypto platform Bit2ME, one of the largest exchanges in the world -speaking Spanish -speaking Telecom Giant Telefonica and other major institutions including unicaja and BBVA giant.
Eurod, according to a press release shared with CoinDesk, is designed to be a following, low-volatility digital version of the euro. Companies say it meets the requirements under the new EU MICA regulation and aims at both retail and institutional users.
Bit2me, who saw Tether is leading a € 30 million .
“The Oddo BHF’s Euro Stablecoin list is another important step in the BIT2ME mission to offer trusted, regulated digital assets,” said Leif Ferreira, CEO of BIT2ME.
By pairing an euro-pegged digital asset with a regulated banking institution, the Oddo BHF will bet on a growing demand for payment solutions that combine FIAT stability with the convenience of blockchain metals.
While the Stablecoin market is heavily dominated by US-supported tokens, major institutions have entered EUR-supported stablecoins. Société Générale-Forge (SG-Forge) is one of those institutions, having released an euro supported by stablecoin called .
Last month, nine European banks including ING, Banca Sella, Dankse Bank, Dekabank, and Caixabank joined forces at Issue a mica-followed euro-supported euro.
