A German bank founded in the 18th century has issued a Stellar-based euro stablecoin
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.
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.