Oddo BHF SCA, a financial group based in Paris, is reportedly developing a euro-denominated stablecoin. The stablecoin is expected to be released next year, pending regulatory approval. The company has been collaborating with crypto technology firm Fireblocks on the project. The stablecoin will be structured under the new crypto regulations of the European Union. This initiative comes as an addition to Societe Generale SA's crypto assets unit in France. Oddo BHF is deemed capable of handling the stablecoin due to its considerable resources and experience in the banking and investment sectors. Other financial institutions, such as Stripe, Deutsche Bank, and Robinhood, are also exploring stablecoin offerings. However, market entrants have faced challenges, with only a few stablecoins achieving a market value of over $1 billion. Currently, the total market cap of stablecoins stands at $207 billion, accounting for 5.38% of the total crypto market cap.



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