Paris-based Oddo BHF SCA, a significant financial group engaged in asset management and private banking services, is set to make its mark in the stablecoin market. The company will collaborate with Fireblocks, a renowned wallet infrastructure and operations provider.
Oddo has initiated a project aimed at enhancing the use cases of euro-dominated stablecoins. Scheduled to launch next year, this move comes in the wake of new European Union regulations that have made stablecoins a highly anticipated digital asset due to their low volatility and popularity among crypto traders.
Fireblocks, which can integrate with 60 blockchains and facilitate digital transaction settlements, is Oddo’s partner in this endeavor. Oddo, with a banking income of $1.02 billion from diverse businesses like private banking, asset management, and corporate investment banking, is entering a crowded European market.
It will compete with established players such as Tether, USD Coin, and PayPal USD. Bloomberg reports that Robinhood Market and Revolut are also considering stablecoin launches. Additionally, Deutsche Bank’s collaboration with Galaxy Digital Holdings to form AllUnity, which plans to issue a euro stablecoin, further exemplifies the growing interest in this space.
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