The European bank Bankhaus von der Heydt (BVDH) has collaborated with the German blockchain technology provider, Bitbond to launch the first-ever Euro stablecoin. The stablecoin is now available for trading. 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, according to the bank. BVDH was founded in 1754 and is one of the oldest banks operating in the EU region, focusing on institutional clients.
Bitbond helped the German bank to integrate DLT technology.
The German bank’s partnership with the digital asset custody technology provider, Bitbond, has helped the bank to integrate DLT technology in its securitization business. The Stellar Development Foundation played an important role in the development of EURB. The blockchain organization provided support in consultation and the technical integration of EURB. Commenting on the launch, the Managing Director at Bankhaus von der Heydt, Philipp Doppelhammer, said: “We were drawn to Bitbond and Stellar due to the ease in which assets are issued and managed on the network.”
The German bank plans to use EURB for the securitization process.
The managing director further mentioned that in their first use-case, SatoshiPay, a blockchain payments company and one of the earliest members of the Stellar network, will implement their EURB into its service DTransfer. DTransfer facilitates global cross-border money transfers for its business customers by exchanging different stablecoins and linking to banking systems worldwide. The German bank plans to use EURB for the securitization process. The clients of BDVH can now use the newly launched stablecoin to settle virtual asset transfers on-chain. Central banks around the world are actively exploring CBDCs, and some have already issued digital currencies to the general public.