ODDO BHF has announced it is launching a Euro-backed stablecoin EUROD.
The European financial group based in France has revealed it is becoming one of the latest to become an issuer of a Euro-backed stablecoin.
Having been around for 175 years with €156B assets under management, it is now diversifying its long-term strategic offerings and is joining the global stablecoin arena within the issuance category.
The EUR stablecoin market cap sits at $575M and this will compete with issuers such as SG Forge, Stasis, AllUnity and Circle.
In the announcement, the ODDO BHF team has written:
Designed for companies and individuals looking for instant, secure and transparent payments, EUROD offers a reliable solution for your transactions. With EUROD, you benefit from immediate access to euro liquidity, backed by advanced technology and the guarantee of a leading European bank.
Additionally, Deputy COO Guy de Leusse has commented:
“It seemed essential to us to offer a European solution in euros, in a market that is ultra-dominated by USD stablecoins. Our ambition is to become a leading issuer in the euro, the reference currency.”
This will be conducted in accordance with the MiCA framework and in partnership with key industry players such as Fireblocks, Flowdesk and Bit2Me.
According to the whitepaper, the redemption process is to be handled with the back office with a deliberate process for , offering each stablecoin at par with 1 Euro, which is also set to run on the Polygon network.
