European and US banks will soon issue stablecoins in hopes of repeating the success of USDT issuer Tether .
This year, French bank Societe Generale created a euro-pegged cryptocurrency, EUR CoinVertible (EURCV), while European financial conglomerate ODDO BHF, London-based Revolut, and Deutsche Bank-owned DWS are all developing their own euro-backed digital assets. More financial institutions in the US and the EU are set to join the list.
Do I think other banks will also issue their own stablecoins? My answer is yes. It is difficult to do, so I am not sure that new stablecoins will appear in the near future, — said Jean-Marc Stenger, head of Societe Generale's digital financial products subsidiary SG Forge.
Jean-Marc Stenger
According to Stenger, several banks are already interested in using EUR CoinVertible stablecoins, and about 10 more organizations are in talks with Societe Generale about using the bank's software to issue their own cryptocurrencies with a stable exchange rate.
It is obvious that the management of financial institutions is jealous of the company Tether , which managed to hit the jackpot on USDT. This year, the company that created the most popular stablecoin , should receive profit over $10 billion. This is possible due to the growth in demand for USDT, whose capitalization level increased by almost $50 billion in 2024 and exceeded $143 billion.
