German Bank Introduces First Euro Stablecoin
Bankhaus von der Heydt (BVDH), one of Europe’s oldest banks, has teamed up with Bitbond, a German Blockchain technology provider, to launch the first ever Euro stablecoin. Now, the cryptocurrency can be traded.
The official press release states that the Euro stablecoin (EURB), which was launched by the Stellar Network in Europe’s crypto, is the first stablecoin launched directly by a bank.
BVDH was founded in 1754 and focuses on institutional clients. Bitbond, a digital asset custody technology provider, has been a partner of BVDH and helped the German bank integrate DLT technology into its securitization business.
The Stellar Development Foundation played an important role in the development and implementation of EURB. This organization supported the technical integration and consultation of EURB.
Philipp Doppelhammer (Managing Director, Bankhaus von der Heydt) commented on the launch: “We were attracted to Bitbond and Stellar because of the ease with which assets can be issued and managed on this network. SatoshiPay is a blockchain payments company that was one of the first members of the Stellar network. It will use our EURB to implement its DTransfer service. DTransfer allows cross-border money transfers by exchanging stablecoins and linking to banking systems all over the globe.
The Bank will use EURB to securitize the process. Clients of BDVH now have the option to use the stablecoin for virtual asset transfers on-chain.
“EURB can also be leveraged by BVDH customers and third-party developers of financial apps to settle digital assets transfers onto-chain. Bitbond will integrate the asset on Stellar into its platform for BVDH, which also includes mechanisms for burning the token and minting it. This new ramp for EUR on the Stellar network adds an on/off-ramp. Stellar rails are now available to any user or business that wants to connect to EUR,” the Stellar Development Foundation announced in an official statement.