$147 billion Oddo plans stablecoin launch with Fireblocks
Paris-based financial group Oddo BHF SCA, which oversees $147 billion in assets, is set to enter the stablecoin market in partnership with crypto technology provider Fireblocks.
This initiative aims to enhance the use of euro-denominated stablecoins and is expected to launch next year.
Oddo's project follows the path of Societe Generale SA’s crypto asset division, which currently operates EUR CoinVertible, a euro-backed stablecoin compliant with new European Union regulations.
The collaboration with Fireblocks is a strategic move for Oddo.
Fireblocks, a blockchain technology firm, is known for its extensive infrastructure, supporting over 60 blockchains and facilitating digital asset transactions.
Their platform ensures seamless integration and secure settlement processes, making it a valuable partner for Oddo's stablecoin plans.
Stablecoins have gained significant attention under the EU's new regulatory framework due to their low volatility and widespread adoption by crypto traders.
As Oddo enters this competitive market, it will face established players such as Tether (CRYPTO:USDT), USD Coin (CRYPTO:USDC), and PayPal’s (CRYPTO:PYUSD).
According to Bloomberg, other prominent financial institutions like Robinhood Markets and Revolut are also considering launching their own stablecoins.
Meanwhile, Deutsche Bank has partnered with Galaxy Digital Holdings to create AllUnity, which plans to introduce a euro-backed stablecoin in the region.
Oddo, which generates over $1 billion in banking income across its private banking, asset management, and corporate investment banking divisions, is positioning itself to capture a share of the stablecoin market, leveraging its established reputation and Fireblocks’ advanced technology.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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