Oddo BHF Enters Stablecoin Innovation
Oddo BHF SCA, the $147 billion financial group known for its asset management and private banking prowess, is diving deep into the digital assets space. The company, in collaboration with Fireblocks, one of the well-known crypto infrastructure providers, intends to launch a euro-denominated stablecoin next year.
This move is part of the group’s larger initiative to extend the use cases of digital euros, in line with the European Union’s new regulatory framework for digital assets. Stablecoins, characterized by their low volatility, have become increasingly popular among crypto traders and institutional investors, making this a strategic entry point for Oddo.
Growing Competition in Europe’s Stablecoin Market
Oddo’s move is reflective of broader momentum in Europe’s financial landscape as demand for stablecoins soars. This follows the launching by Societe Generale SA of its euro-pegged stablecoin, EUR, issued under EU regulatory guidelines.
Strong competition already characterizes the European market, with big players such as Tether’s USDT, Centre’s USDC, and PayPal’s PYUSD already leading the charge in the global market. Other companies that have also shown interest in offering stablecoin solutions include Robinhood Markets and Revolut.
Meanwhile, Deutsche Bank has teamed up with Galaxy Digital to create AllUnity, a platform that will issue euro-denominated stablecoins among its suite of digital finance services. Oddo’s move just underscores how much more central stablecoins are becoming to Europe’s new financial landscape.
Fireblocks: Powering Digital Asset Operations
Fireblocks, Oddo’s technology partner of choice, is integral to this effort. With its reputation for secure wallet infrastructure and deep operational tools, Fireblocks supports more than 60 blockchain networks, making it a natural fit for integrating and managing stablecoin transactions.
The platform’s capabilities go beyond security; it streamlines digital asset settlements, enabling institutions like Oddo to efficiently manage transactions while ensuring compliance with EU regulations. This positions Oddo for effective competition in a market characterized by rapid technological changes and strict regulatory oversight.
The market for stablecoins continues to grow, meaning Oddo BHF’s move with Fireblocks may pave the way for greater mainstream use of digital euros in Europe, another step into blockchain for traditional finance.
