Bankhaus von der Heydt, one of Europe’s oldest banks, launched a euro-indexed stablecoin backed by Stellar, according to a press release released today.
The new digital asset has been launched in partnership with the Berlin-based blockchain startup Bitbond.
Euro-indexed stablecoin released
Stellar Development Foundation CEO Denelle Dixon claims that the “high quality” regulated euro stablecoin is a testament to the promise of close collaboration between traditional finance and the blockchain industry:
Adding a high-quality, bank-issued euro asset to Stellar will empower a new wave of financial innovation that has been leveraged by Stellar-based applications such as DSTOQ, Vibrant, and Lobstr, providing important functionality for our users in our network.
Munich-based Bankhaus von der Heydt, founded in 1754, was the first banking institution to issue a stablecoin directly on the Stellar blockchain.
Stellar is ambitious about stablecoins
The bank first announced its plan to issue the euro index cryptocurrency in July, when it announced its tokenization strategy. According to Philipp Doppelhammer, managing director of Bankhaus von der Heydt, the stablecoin has already been adopted by the crypto payment firm SatoshiPay:
In our first use case, SatoshiPay, a Blockchain payment company and one of the first members of the Stellar network, will integrate our EURB into the DTransfer service.
Stellar, the most direct competitor of XRP, has recently made great strides in the stablecoin industry. In October, Circle, the issuer of the USD Coin (USDC) stablecoin, announced in early 2021 that it will launch a Stellar-based version of the second largest dollar-indexed cryptocurrency.