French banking giant ODDO BHF enters crypto with EUROD stablecoin

French banking giant ODDO BHF has reached the launch stage for its EUROD stablecoin. The new stablecoin will be listed on Bit2Me, a Madrid-based crypto platform. 

The French banking giant ODDO BHF has reached the launch stage for its long-awaited stablecoin EUROD. The asset joins the growing initiatives for Euro-based stablecoins, as Cryptopolitan reported. 

ODDO, which has over $150B in assets under management, first announced the EUROD stablecoin at the end of 2024. The Paris-based group expected the token to be released by the end of 2025, pending regulatory approval. ODDO is active in private banking, asset management, and corporate and investment banking. ODDO also hopes to position EUROD as a payment solution, combining the agility of stablecoins and the stability of bank-based reserves.

Based on previous reports, ODDO has been collaborating with Fireblocks to create the stablecoin. The new asset arrives at a time when the overall supply of stablecoins is over $300B, with most tokens using dollar-based denominations. Regulatory approval is becoming more important for stablecoin usage, as a protection against de-pegging based on market volatility.

The stablecoin is expected to be structured under EU regulations, requiring that all underlying assets are transparent and based on fiat in regulated banks. EU regulations are stricter compared to the Genius Act in the USA, which caused a wave of new launches backed by T-Bill collaterals. 

ODDO BHF boosts Madrid-based crypto platform

The Bit2Me platform was backed by Telefonica and other VC funds, raising over $56M in financing. The B2M token had limited liquidity and hardly reacted to the news, still trading at around $0.013. 

Bit2Me aims to bridge crypto-native trading with traditional finance, aiming to cover all requirements of EU-based regulations. 

‘The listing of ODDO BHF’s euro stablecoin is another important step in Bit2Me’s mission to offer trusted, regulated digital assets,’ said Bit2Me’s CEO Leif Ferreira.

The EUROD asset will join EURCV, the stablecoin of Societe Genearale-FORGE. Recently, the increased demand for stablecoins led to a partnership between SG-Forge and Bitpanda, the Austria-based crypto brokerage. Bitpanda will carry the MiCAR-compliant EURCV and USDCV on its platform. 

EURC leads Euro-based expansion

The weakness of the US dollar led to an expansion of EUR-based assets. 

Circle extended its active minting to the EURC stablecoin. The asset is used both for intuitive Euro-based trading, and to serve as a source of forex-based trades against USD stablecoins. 

The supply of EURC has been expanding in the past months, reaching a new record of over 229M tokens, valued at over $266M. 

EURC is mostly active on centralized exchanges, though it also retains highly active pairs on Aerodrome and Orca. The Euro-based stablecoin is a multi-chain asset, following Circle’s trend of expanding to a wider selection of chains with a bigger DeFi footprint. The expansion and trading of EURC is for now more active compared to European bank stablecoins. EURC is also MiCAR-compliant based on its reserve structure.

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