$147b financial group Oddo will enter stablecoin market

Paris-based asset manager and private banking services Oddo will collaborate with Fireblocks to enter the stablecoin market.

Oddo BHF SCA has launched an initiative to expand the use of the euro-dominated stablecoin by working with a crypto technology firm. This project is planned to start next year.

Under the newly adopted European Union regulations, stablecoin is the most anticipated digital asset due to low volatility and popular choices among crypto investors.

The project follows Societe Generale SA’s crypto asset unit in France, which already uses a euro-dominated stablecoin called EUR Convertible and regulates it under new rules.

Fireblocks, known as wallet infrastructure and transactions, is the most accessible platform that can integrate with 60 blockchains. They can also make it easier to resolve digital transactions.

Oddo and stablecoin market

Oddo is known as a financial group in France, generating $1.02 billion in banking revenue from various sectors, including private banking, asset management and corporate investment banking.

The company will enter the crowded market in Europe, which already includes global competitors including Tether (USDT), USD Coin (USDC) and PayPal USD (PYUSD).

Bloomberg reported that Robinhood Market and Revolut are among the companies considering launching stablecoins.

Deutsche Bank has teamed up with Galaxy Digital Holdings to launch a news company called AllUnity, which plans to launch a euro stablecoin in the region.