German bank launches EURB stablecoin on Stellar blockchain

One of the oldest European banks Bankhaus von der heydt (BVDH) announced the launch on the Stellar network of the new Stablecoin EURB, whose cost is tied to the euro rate.

According to BVDH representatives, EURB steablecoin was the first stable cryptocurrency, issued by banking institution. To issue coins, the bank collaborated with Bitbond, engaging in assets tokenization and providing castodial services.

At the same time, the asset, At the request of the bank, Completely regulated. Therefore, free access to the EURB trade on cryptocurrency exchanges will not be due to requirements for identifying users and regulatory standards. To buy stablecoin, the client must make a deposit on an escrow account in the BVDH bank, what will launch the process of eurb coins.

Already now, the developers of financial applications can use stablecoin for quick calculations. Moreover, thanks to the Bitbond platform, full control over EURB remains with the bank, including the possibility of the release and destruction of coins.

“We are working with Bitbond and Stellar due to the ease of release and management of assets, released on the blockchain Stellar ", - said the managing director of BVDH Philip Doppelhammer (Philipp double hammer).

According to the top manager of the bank, The main goal in issuing EURB was to use stablecoin for international payments by Satoshipay clients. Besides, Such cryptocurrency can be interesting for other banks. Founder and General Director of Bitbond Radoslav Albrecht (Radoslav Albrecht) said:

“Banks are not very convenient to work with stablecoins like Tether or USDC, since there is a risk of an intervention of a third -party company. They prefer to work with stablecoins, issued by banks. The same statement is true for institutional investors ".

In early December, the head of the European Central Bank (ECB) Christine Lagarde (Christine Lagarde) stated, that stabilcoins can threaten financial stability.