Offers access to loans and DeFi for retailers and institutions.
EUROD enters the regulated stablecoin market in Europe, led by Circle’s EURC.
Bitcoin (BTC) and cryptocurrency exchange Bit2Me announced that it is listing EUROD, a new stablecoin with 1:1 parity with the euro, launched by the Franco-German bank ODDO BHF. This asset complies with the Cryptoasset Markets Act (MiCA) in the European Union.
In this way, Bit2Me, with a license to operate in European territory, expands stablecoin options for its clients. “The inclusion of the ODDO BHF euro stablecoin is another important step in Bit2Me’s mission to offer regulated digital assets,” said Leif Ferreira, CEO of the company, in a statement sent to CriptoNoticias email.
The users They can use it for payments, trading, loans and other financial applications. “As adoption grows, additional functionality and integrations will be introduced to further strengthen its role as a trusted digital representation of the euro,” the statement added.
“We consider it essential to offer a European solution denominated in euros, in a market dominated by stablecoins in dollars,” said Guy de Leusse, COO of ODDO BHF.
However, in Europe, other stablecoins with parity in the euro They are currently available in European territory. Among them is Circle’s EURC, which in 2023 dominated more than 50% of the trading volume of euro stablecoins.
Similarly, 4 other euro-based stablecoins are also available in Europe, including Stasis Euro (EURS) and EURA. These seek to boost payments and decentralized finance (DeFi) under MiCA.
Until June 2024, tether (USDT) dominated Europe with more than 50% of exchange trading volume. Its forced exit for not meeting reserves required by MiCA caused a brief drop of 3 billion in market capitalization, making way for euro-based stablecoins, such as EUROD.