German Lender Bankhaus Introduces the First Euro Stablecoin

Bankhaus von der Heydt (BVDH), one of the oldest lenders in Europe is pushing for a blockchain revolution. The bank recently introduced the first Euro stablecoin to the world.

Collaboration with Bitbond

The Euro stablecoin (EURB) comes via a partnership with German blockchain technology provider Bitbond. The crypto is available for trading. This is the first time a prominent lender has directly launched a stablecoin on the Stellar Network in Europe. Stellar Network is the native blockchain of Lumens cryptocurrency (XLM) as well.

BVDH was founded in 1754 and is one of the oldest operating lenders in the EU that focuses on institutional clients. Its partnership with Bitbond aims to integrate blockchains into its securitization business. The Stellar Development Foundation also helped in the creation of the EURB, providing the project consultation and support for technical integration of the coin.

Why Choose Stellar?

Managing Director of BVDH, Philipp Doppelhammer commented on the launch and said,

“We were drawn to Bitbond and Stellar due to the ease in which assets are issued and managed on the network. In our first use-case, SatoshiPay, a blockchain payments company and one of the earliest members of the Stellar network, will implement our EURB into its service DTransfer.”

DTransfer facilitates cross-border money transfers across the globe for its business clients and works with stablecoins and interlinked banking systems. EURB will also be a step towards securitization for BVDH, as it allows its clients to settle on-chain virtual asset transfers.

The Stellar Development Foundation said that the EURB stablecoin will also be available to third-party financial application developers who want to settle digital asset transfers on-chain.  Bitbond has integrated the platform for minting and burning the token. The Stellar network will also be benefited from a new Euro on/off-ramping system. The Foundation said that any business or user looking to connect to EUR using Stellar rails now has the option to do so.