One of the largest banks in Germany, Bankhaus von der Heydt (BVDH), has entered into a partnership with Bitbond to issue a Euro-pegged stablecoin (EURB) on the Stellar network.
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It is the first stablecoin pegged by euro and issued directly by a financial institution on Stellar, an official announcement states, Stellar claims EURB can be leveraged by BVDH’s clients and third party developers of financial applications.
Denelle Dixon, the Stellar Development Foundation's Head and Executive Director, says the launch of the bank-issued euro stablecoin is "a testament to the ways that traditional banking and blockchain can work together."
"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," Dixon pointed out.
With the new asset, financial apps' developers can settle asset transfers on-chain with a regulated EUR stablecoin. Earlier this year iHodl reported that the other euro-backed stablecoin called Stasis (EURS) added support for cross-chain transactions via the Wanchain technology.
The cooperation with Wanchain allows blockchain developers to integrate EURS stablecoin into their own decentralized application and enable users "to seamlessly convert cryptocurrencies like ETH, BTC, and EOS to a stablecoin."
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