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Paris-based asset manager and private banking services Oddo will collaborate with Fireblocks to enter the stablecoin market.
Oddo BHF SCA brought an initiative to increase the use case of euro-dominated stablecoin by working with a crypto technology firm. This project is projected to launch by next year.
Under the newly adopted European Union regulations, stablecoin is the most anticipated digital asset due to low volatility and popular choices among crypto traders.
This project comes after Societe Generale SA’s crypto asset unit in France, which already uses the euro-dominated stablecoin named EUR convertible and supervises under the new rules.
Fireblocks, known as wallet infrastructure and operations, are the most accessible platform that could integrate with 60 blockchains. They also could facilitate the settlement of digital transactions.
Oddo and stablecoin market
Oddo is known as a financial group in France that generates banking income of $1.02 billion from several businesses, including private banking, asset management, and corporate investment banking.
The company will enter the crowded market in Europe, which already includes global competitors, including Tether (USDT), USD Coin (USDC), and PayPal USD (PYUSD).
Bloomberg has reported that Robinhood Market and Revolut are among the companies that are considering launching stablecoin.
Deutsche Bank collaborated with Galaxy Digital Holdings to form a news company named AllUnity, which plans to issue euro stablecoin in the area.