One of Europe’s oldest banks issues EURB stablecoin on the Stellar network

The German bank Bankhaus von der Heydt (BVDH), which has been operating since 1754, in partnership with tokenization technology provider Bitbond, issued the euro-backed stablecoin EURB on the Stellar network.

We’re thrilled to announce that @Bitbond and Bankhaus von der Heydt are now issuing Euro Stablecoin (EURB), the first stablecoin issued directly by a banking institution on Stellar.

Learn more about Bitbond, Bankhaus von der Heydt, and EURB here:https://t.co/zl4cfa7eH5

— Stellar (@StellarOrg) December 9, 2020

Bankhaus von der Heydt concentrates mainly on serving institutional clients in securitization-related deals—financing certain assets through the issuance of securities. In exploring ways to boost business efficiency with blockchain, the bank turned its attention to tokenization technology.

According to the statement, EURB can be used by BVDH clients, as well as by third-party developers of financial applications for settlements of transfers of digital assets on the blockchain.

Bitbond integrates the stablecoin into the platform built for the bank, which enables using EURB for securitization, including issuing and burning mechanisms.

“We were attracted to Bitbond and Stellar because of the ease of issuing assets and managing them on the network,” said Philipp Doppelhammer, managing director of BVDH.

According to him, the first use case for EURB will be the token’s integration into SatoshiPay’s cross-border transfer service, DTransfer.

As a reminder, the combined market capitalization of the world’s five leading stablecoins has already surpassed $25 billion.

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