Digital assets have come a long way after it was launched in 2009 with the release of the Bitcoin white paper and the subsequent release of the digital asset. Over the years, many public and private entities have been opposed to the digital assets but are now warming their way up to it.
This has boosted the birth of various digital assets across the industry as the assets have made a believer out of most traders and investors. In what appears to be another win for digital assets, a bank based in Europe has enlisted the help of a Germany based blockchain outfit to create a first-ever euro stablecoin.
Newly launched stablecoin is now trading on various exchanges
In its official announcement, Bankhaus von der Heydt said that it has teamed up with renowned German blockchain firm, Bitbond, to create the first-ever stablecoin across the European region. Going further, the bank noted that even though the new stablecoin is tied to the euro, it can be bought and traded by all traders across the globe.
As at the time of writing, the stablecoin is already trading across various prominent crypto exchanges, the statement noted. The press release also mentioned that the launched euro stablecoin would go down in history as the first-ever to be launched by a financial institution in the European market which is based on the Stellar Network.
Bankhaus von der Heydt is one of the oldest banks across the European region, and the bank offers it’s services solely to institutional investors and investments. With the partnership already established between the bank and the blockchain firm, the bank will take advantage of this to bolster its securitization business by infusing DLT technology that would be provided by Bitbond. The announcement also mentioned the unflinching support and role that the Stellar Development Foundation played in the creation of the Euro stablecoin.
Stellar network is the biggest winner in the partnership
In his official statement, the head of the Bankhaus von der Heydt, Phillip Doppelhammer, noted that the financial institution was amazed at the rate at which transactions were facilitated on the Stellar network hence the partnership with Bitbond to launch the stablecoin.
Furthermore, Doppelhammer announced that a payments facilitator, SatoshiPay, has been given the go-ahead to use the recently launched Euro stablecoin in its DTransfer service. The DTransfer service, according to Doppelhammer, is a service that allows SatoshiPay to facilitate cross border service across the globe by using multiple stablecoins.
Another thing that was mentioned in the announcement was that the bank aims to use the launched stablecoin for securitization. With this news, it means the clients of the bank will be able to make on-chain transactions using the launched stablecoin.
The bank also mentioned that Bitbond would also integrate the stablecoin into a newly built platform which will allow it to be used for burning and minting of the token. Stellar is looking like another big winner with the launch of the Euro stablecoin as it business hoping to take advantage of the stablecoin can now do so on the Stellar network.