As a seasoned researcher with a penchant for all things finance and technology, I find Oddo’s move into the stablecoin market intriguing and strategic. With my background in understanding the complexities of European financial regulations and the rapidly evolving digital asset landscape, it’s clear that this move is more than just a fad.
Based in Paris, Oddo – an investment firm offering private banking services – is teaming up with Fireblocks to venture into the stablecoin sector.
Oddo BHF SCA has teamed up with a cryptocurrency technology company to expand the practical applications of a stablecoin tied to the Euro. The planned launch of this project is expected for next year.
According to the latest regulations within the European Union, the highly anticipated digital currency, known as a stablecoin, has gained attention due to its low price fluctuations and widespread preference among cryptocurrency traders.
Following the cryptocurrency division of Societe Generale SA based in France, this venture arises. This division currently employs a stablecoin, the Euro-backed EUR Convertible, and operates under recently established regulations.
Fireblocks, often referred to as wallet infrastructure and services, is a user-friendly platform capable of integrating with approximately 60 different blockchains. It also streamlines the processing of digital transaction settlements.
Oddo and stablecoin market
In France, the financial organization known as Oddo derives approximately $1.02 billion in earnings from various sectors such as private banking, asset management, and corporate investment banking.
The business intends to break into a bustling European market that currently hosts heavyweights like Tether (USDT), USD Coin (USDC), and PayPal’s USD (PYUSD) as established competitors.
According to Bloomberg’s reports, both Robinhood Markets and Revolut are contemplating the introduction of their own stablecoins.
German Bank, Deutsche Bank, partnered with Galaxy Digital Holdings to establish a joint venture called AllUnity, intending to launch a Euro-backed stablecoin within its region.
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2024-12-13 04:16