One of the oldest banks in Europe, Bankhaus von der Heydt (BVDH) has collaborated with the German blockchain technology provider Bitbond to launch the first-ever Euro stablecoin. The cryptocurrency is now available for trading.
According to the official press release, the newly launched Euro stablecoin (EURB) is the first stablecoin to be launched directly by a prominent bank on the Stellar Network in the European crypto market.
Founded in 1754, BVDH is one of the oldest banks operating in the EU region with a focus on institutional clients. The BVDH’s partnership with the digital asset custody technology provider, Bitbond has helped the German bank to integrate DLT technology in its securitization business.
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The Stellar Development Foundation played a key role in the development of EURB. The organization provided support in consultation and the technical integration of EURB.
Commenting on the launch, Philipp Doppelhammer, Managing Director at Bankhaus von der Heydt, said: “We were drawn to Bitbond and Stellar due to the ease in which assets are issued and managed on the network. In our first use-case, SatoshiPay, a blockchain payments company and one of the earliest members of the Stellar network, will implement our EURB into its service DTransfer. DTransfer facilitates global cross-border money transfers for its business customers by exchanging different stablecoins and linking into banking systems around the world.”
The Bank plans to use EURB for securitization process. The clients of BDVH can now use the newly launched stablecoin to settle virtual asset transfers on-chain. “EURB can be leveraged by BVDH’s customers as well as third party developers of financial applications to settle digital asset transfers on-chain. With the asset now live on Stellar, Bitbond will integrate it into the platform it built for BVDH to use the stablecoin for securitization which includes mechanisms for burning and minting the token. For the Stellar ecosystem, this adds a new on/off-ramp for EUR on the network. Any user or business looking to connect to EUR through Stellar rails can now do so,” The Stellar Development Foundation mentioned in an official announcement.