French institution launches euro stablecoin EUROD on Bit2Me

French banking institution ODDO BHF has recently launched a new euro-backed stablecoin, EUROD. The token will be listed on the Madrid crypto platform Bit2Me.

Summary

French banking giant ODDO BHF has launched its euro-backed stablecoin, EUROD, marking its first move into the crypto market.
The launch comes amid a broader push by European banks to develop euro-pegged stablecoins to challenge the dominance of U.S. dollar tokens.

According to a recent report by CoinDesk, the French banking giant has launched its own stablecoin pegged to the euro. The token will be dubbed EUROC and is set to be listed on the Madrid-based crypto exchange Bit2Me. The token is meant to be a “low-volatility” digital asset version of the euro that is compliant with the EU’s MiCA regulatory framework.

EUROD will be backed on a 1:1 ratio and is aimed at both retail and institutional users.

The move marks a significant step for the traditional financial institution, which manages more than €150 billion or approximately $173 billion in assets across Europe. ODDO BHF aims to provide a secure and regulated digital asset option for investors seeking stability within the volatile crypto market.

“The listing of ODDO BHF’s euro stablecoin is another important step in Bit2Me’s mission to offer trusted, regulated digital assets,” said Bit2Me CEO Leif Ferreira in a press release sent to CoinDesk.

Earlier this year, Bit2Me successfully raised €30 million or $35 million in an investment round led by the stablecoin issuer tycoon Tether. Through the listing of ODDO BHF’s EUROD, it hopes to narrow the gap between tradition finance and the crypto market.