French banking giant ODDO BHF has officially launched its EUROD stablecoin, a euro-backed digital asset, marking a significant entry into the cryptocurrency space. The stablecoin is now listed on Bit2Me, a Madrid-based crypto platform, with ODDO BHF—a 175-year-old institution managing over $150 billion in assets—first announcing EUROD in late 2024 and targeting a release by end-2025 pending regulatory approval.
EUROD is designed as a low-volatility payment solution, combining the agility of stablecoins with the stability of bank-based reserves, and it complies with the EU's Markets in Crypto Assets (MiCA) regulation. This ensures transparency and fiat-backed reserves in regulated banks, contrasting with less stringent U.S. standards. ODDO collaborated with Fireblocks to develop EUROD, aiming to bridge traditional finance and digital assets.
The listing on Bit2Me, which is backed by Telefonica, Unicaja, and BBVA and raised over $56 million in funding, underscores growing institutional confidence. Bit2Me CEO Leif Ferreira stated, "The listing of ODDO BHF’s euro stablecoin is another important step in Bit2Me’s mission to offer trusted, regulated digital assets." Meanwhile, the broader stablecoin market exceeds $300 billion in supply, dominated by dollar-denominated tokens, but euro-based alternatives like Societe Generale-FORGE's EURCV and Circle's EURC are expanding. EURC's supply recently hit a record of over 229 million tokens valued at $266 million, with active trading on centralized exchanges and DeFi platforms like Aerodrome and Orca.
This launch intensifies competition in the euro stablecoin sector, as nine European banks, including ING and CaixaBank, recently partnered to develop MiCA-compliant alternatives. EUROD's regulatory backing and institutional support position it as a benchmark for euro-denominated digital assets, potentially reshaping how traditional finance engages with crypto markets.
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