As cryptocurrencies gain mainstream adoption, quickly establishing themselves as a potential changemaker in the financial systems, central banking institutions are trying to tap into the immense capabilities of digital assets.
Bankhaus Von Der Heydt, a renowned bank with centuries of banking legacy, has now announced its stablecoin pegged by Euro.
Bitbond and Bankhuas Von Der Heydt come together to launch euro stablecoin
One of the oldest banks in Europe has announced launching a stablecoin in association with Stellar. The bank would launch the stablecoin in partnership with a Germany based blockchain company Bitbond.
The crypto-token would be powered by Stellar and is intended to bring the legacy banking systems and the advanced technology of cryptocurrencies together.
As per the Stellar Development Foundation CEO, Danelle Dixon, the Euro pegged stablecoin would work as a benchmark of cohesion of blockchain and traditional finance. The high-quality stablecoin would be highly meaningful for the users and start a financial innovation. The bank issued Euro asset would work on the Stellar network and utilize the technology and apps like Vibrant, Lobstr, and DSTOQ developed by Stellar.
Bankhaus Von Der Heydt was established in 1754 and has a legacy of highly trusted and reliable banking services. It now creates history by becoming the first bank to directly release a stablecoin on the Stellar blockchain. The first Euro pegged cryptocurrency would be part of its tokenization strategy. The stablecoin is already being used for crypto payments firm Satoshipay.
The MD of Bankhaus Von Der Heydt, Philipp Doppelhammer, said that the Satoshiplay is one of the earliest Stellar network members to use the token in their payment service DTransfer. It is a solution that offers cross border payment transfers to corporate clients by stablecoin and links them to global baking networks.
Bitbond, founded in 2013, is a leading tokenization technology provider that offers advanced solutions to financial institutions. The Bank Von Der Heydt and Bitbond partnership would mark the first-ever rollout of the stablecoin pegged on Euro.
Doppelhammer said that the bank was drawn to Stellar and Bitbond, considering the ease and simplicity of the asset issuance and management over the blockchain.
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