The Franco-German banking group ODDO BHF has launched a euro-pegged stablecoin under the EU's Markets in Crypto-Assets Regulation (MiCA).
According to a Wednesday announcement, the bank will act as the issuer of the EUROD stablecoin, with market-making platform Flowdesk providing liquidity and Fireblocks offering tokenization infrastructure.
Guy de Leusse, Deputy COO of ODDO BHF, stated that the group "considers it essential to provide a European solution priced in euros to offer an alternative to dollar-pegged stablecoins."
Stablecoins are digital tokens pegged to traditional currencies like the euro. This new token will first be listed on the Spanish cryptocurrency exchange Bit2Me.
ODDO BHF is a privately-owned European financial group established in 2016 through the merger of the French ODDO Bank, founded in 1849, and the German BHF-BANK, founded in 1854. According to the bank, its operations span France, Tunisia, Germany, and Switzerland.
So far, the stablecoin market has been dominated by dollar-pegged tokens. According to DefiLlama data, Tether's USDt and Circle's USDC remain the two largest stablecoins globally, accounting for over 83% of the total stablecoin market cap of $306.35 billion.
However, other regions of the world, particularly Europe, are beginning to show greater interest in developing stablecoins pegged to their fiat currencies.
On April 20, 2025, Société Générale's regulated digital asset division SG-Forge launched EUR CoinVertible, a euro-pegged stablecoin on Ethereum aimed at qualified institutional investors introduced by the bank.
In July, the joint venture AllUnity, supported by Flow Traders, Deutsche Bank's DWS, and Galaxy, announced the launch of EURAU. This regulated euro-pegged stablecoin was publicly offered on July 31.
Nine European banks have also announced plans to launch euro-pegged stablecoins, expected to be released in the second half of 2026.
According to Paxos Labs co-founder Bhau Kotecha, "Dollar-backed stablecoins benefit from years of first-mover advantage." He stated that to achieve comparable growth, issuers backed by euros and other fiat currencies "need to develop unique adoption strategies focused on the right partnerships, use cases, and liquidity pathways."
Since the U.S. passed the GENIUS Act stablecoin legislation in July 2025, the momentum for developing domestic euro-pegged stablecoins in Europe seems to be increasing.
In September, European Central Bank (ECB) President Christine Lagarde warned that the EU needs to close regulatory loopholes for foreign stablecoins, cautioning that unregulated issuers could siphon liquidity from the euro and the broader EU financial system.
Pierre Gramegna, Managing Director of the European Stability Mechanism (ESM), stated on Thursday at a hearing on the eurozone economic outlook that "Europe should strive to promote domestic issuers generating euro-pegged stablecoins."
Since 2023, Europe has also been debating the digital euro, a central bank digital currency, in the European Parliament, but its launch is not expected before 2029.
Related: From $10 to $10,000: How Dollar-Cost Averaging Works in the Cryptocurrency Space
Original article: “Franco-German Bank ODDO BHF Launches Euro-Backed Stablecoin EUROD”
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