One of Europe’s Oldest Banks Issues a Stablecoin on Stellar network

The German bank Bankhaus von der Heydt (BVDH) that’s been operating since 1754 has partnered with a tokenization technology provider Bitbond to issue a Euro-backed Stablecoin EURB on the Stellar network.

BVDH focuses primarily on serving institutional clients in securitization transactions – the financing of certain assets through the issuance of securities. While exploring opportunities to improve business efficiency using blockchain, the bank drew attention to tokenization technology. According to the statement, EURB can be used by BVDH clients as well as third-party developers of fintech applications to settle the transfer of digital assets on the blockchain.

Bitbond is integrating Stablecoin into a bespoke platform created for the bank, which makes it possible to use EURB for securitization, including mechanisms for issuing and burning tokens.

“We were drawn to Bitbond and Stellar due to the ease in which assets are issued and managed on the network,” said Philipp Doppelhammer, managing director of BVDH.

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

The total capitalization of the world’s five leading stablecoins has already exceeded $25 billion.

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