Banks in the US and Europe Actively Launch Stablecoins – BitRss

Banks in the United States and Europe continue to make significant strides in launching stablecoins. Supported by regulatory clarity and market demand, these initiatives could lead to important changes in the financial sector. The European Union’s Crypto Asset Markets Regulation (MiCA) and rising interest in blockchain-based payment solutions are pushing traditional banks to compete with cryptocurrency firms like Tether.

European Banks Enter the Stablecoin Market

Many European banks are looking to gain a share of the cryptocurrency market by issuing stablecoins. France-based Societe Generale – Forge has introduced a Euro-backed stablecoin for retail investors. Frankfurt’s Oddo BHF SCA and London-based Revolut plan to launch their own Euro stablecoins, while Deutsche Bank aims to introduce a Euro-backed stablecoin by 2025. SG-Forge CEO Jean-Marc Stenger indicated that more banks are expected to adopt bank-supported stablecoins.

Visa Inc. is also working on a blockchain-based stablecoin solution alongside global payment companies. Visa’s crypto chief, Cuy Sheffield, noted on…