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Stellar-Based Euro Stablecoin Issued by One of Oldest European Banks

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Wed, 12/09/2020 - 16:54
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Alex Dovbnya
A German bank founded in the 18th century has issued a Stellar-based euro stablecoin
Stellar-Based Euro Stablecoin Issued by One of Oldest European Banks
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Bankhaus von der Heydt, one of the oldest banks in Europe, has launched a euro-pegged stablecoin powered by Stellar, according to a Dec. 9 press release.    

The new digital asset was rolled out in partnership with Berlin-based blockchain startup Bitbond.       

Bridging traditional banking and crypto    

Stellar Development Foundation CEO Denelle Dixon claims that the “high-quality” regulated euro stablecoin serves as a testament to the promise of close cooperation between traditional finance and the blockchain industry:         

“Adding a high-quality, bank-issued euro asset to Stellar is meaningful for our users and builders on our network, powering a new wave of financial innovation, leveraged immediately by Stellar-based apps including DSTOQ, Vibrant, and Lobstr.”

Munich-based Bankhaus von der Heydt — which was founded back in 1754 — became the first banking institution to directly issue a stablecoin on the Stellar blockchain.

The bank first announces the plan to issue the euro-pegged cryptocurrency in July when it unveiled its tokenization strategy.

According to Philipp Doppelhammer, managing director at Bankhaus von der Heydt, the stablecoin has been already adopted by crypto payments firm SatoshiPay:  

In our first use-case, SatoshiPay, a blockchain payments company and one of the earliest members of the Stellar network, will implement our EURB into its service DTransfer.

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USD Coin on Stellar

Stellar, the most direct rival to XRP, has made major inroads in the stablecoin industry as of recently.

Back in October, Circle, the issuer of the USD Coin (USDC) stablecoin, announced that it would launch a Stellar-based version of the second-largest dollar-pegged cryptocurrency in early 2021.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.