Oddo Enters Stablecoin Market, Collaborates with Fireblocks

Paris-based asset manager and private banking services Oddo is set to enter the stablecoin market through a collaboration with Fireblocks, a leading crypto technology firm. The partnership aims to increase the use case of euro-dominated stablecoin, with the project expected to launch by next year.

EU Regulations and Stablecoin Adoption

Under the newly adopted European Union regulations, stablecoin has become the most anticipated digital asset among crypto traders, due to its low volatility. This development comes after Societe Generale SA’s crypto asset unit in France began using the euro-dominated stablecoin, EUR convertible, under the new rules.

Fireblocks, known for its wallet infrastructure and operations, is a highly accessible platform that can integrate with 60 blockchains, facilitating the settlement of digital transactions.

Oddo’s Entry into the Stablecoin Market

Oddo, a prominent financial group in France, generates banking income of $1.02 billion from several businesses, including private banking, asset management, and corporate investment banking. The company’s entry into the stablecoin market will see it compete with global players, such as Tether (USDT), USD Coin (USDC), and PayPal USD (PYUSD).

Other companies, including Robinhood Market and Revolut, are reportedly considering launching their own stablecoin offerings. Deutsche Bank has also collaborated with Galaxy Digital Holdings to form a new company, AllUnity, which plans to issue euro stablecoin.

“The stablecoin market is expected to grow significantly in the coming years, driven by increasing adoption and regulatory clarity.”

Key Takeaways and Tips for Investors

For investors interested in the stablecoin market, here are some key takeaways and tips:

  • Stablecoins are digital assets pegged to a fiat currency, offering low volatility and stability.
  • The European Union’s new regulations have created a favorable environment for stablecoin adoption.
  • Investors should research and understand the different types of stablecoins available, including euro-dominated stablecoins.
  • It’s essential to stay up-to-date with market developments and regulatory changes.

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