Paris-Based Asset Manager Oddo to Enter the Stablecoin Market in Collaboration With Fireblocks

Under the newly adopted European Union regulations, stablecoin is the most anticipated digital asset due to low volatility and popular choices among crypto traders.

French financial services firm Oddo BHF SCA (EPA:ODDO) will reportedly collaborate with crypto technology company Fireblocks to enter the stablecoin market. The project is expected to launch next year.

Stablecoin, a digital asset pegged to fiat currencies like the euro or the dollar, is the most anticipated crypto asset under new European Union regulations. It is designed to maintain a stable value, making it popular among crypto traders.

The move comes after Societe Generale SA’s (EPA:GLE) crypto asset unit in France already operates a euro-dominated stablecoin, called EUR convertible, that is supervised under the new rules.

Fireblocks, a wallet infrastructure and operations platform, is designed to integrate easily with over 60 blockchains and facilitate the settlement of digital transactions.

Oddo in the French financial services landscape

Oddo, a financial group in France, generates the majority of its banking income from several businesses, including private banking, asset management, and corporate investment banking. It reported banking income of €940 million in 2021, up from €800 million the year before.

The company will now enter a crowded market in Europe, which already includes global competitors like Tether (USDT), USD Coin (USDC), and PayPal USD (PYUSD).

According to Bloomberg, Robinhood Markets and Revolut are also among the companies considering launching stablecoins.

Meanwhile, Deutsche Bank collaborated with Galaxy Digital Holdings to form a new company called AllUnity, which plans to issue euro stablecoin in the region.