The French bank ODDO BHF has launched the euro stablecoin EUROD on the Polygon network, and the International Operation Center for Digital Renminbi has started in Shanghai. Traditional finance is accelerating its blockchain layout with different strategies.
Traditional financial institutions are quietly breaking through in the blockchain field. From established European banks to Asian central banks, and from stablecoins to central bank digital currencies, a competition over the sovereignty and control of digital assets has fully commenced.
01 On-chain Charge of European Banking
The French bank ODDO BHF, a financial giant with a 175-year history, has recently made a strategic decision—to launch a fully compliant euro stablecoin EUROD.
● This decisive turn by a "century-old store" managing over 140 billion euros in assets marks the transition of blockchain finance from the margins to the mainstream.
● Compliance has become the most prominent feature of EUROD. This stablecoin strictly adheres to the EU's Markets in Crypto-Assets Regulation (MiCA) framework that came into effect this year, meaning it must maintain a 1:1 euro reserve and ensure redeemability while accepting strict governance and transparency oversight.
● In terms of technology choice, ODDO BHF has shown a pragmatic stance by collaborating with infrastructure provider Fireblocks to issue EUROD based on the Polygon network, aiming for a faster and lower-cost trading experience.
● EUROD will be listed on the Madrid-based cryptocurrency exchange Bit2Me, which is supported by Spanish telecom giant Telefonica and banking institution BBVA.
02 Global Digital Currency Development Landscape
The layout of traditional financial institutions in the blockchain field shows a multipolar trend, with the following key dynamics depicting the active landscape of global on-chain finance:
Region/Institution
Progress Overview
Strategic Features
EU
ODDO BHF, Société Générale, etc., launch euro stablecoins
Relying on the MiCA regulatory framework, emphasizing compliance and standardization
China
The International Operation Center for Digital Renminbi operates in Shanghai, launching three major platforms
State-led, systematically promoting cross-border payment and digital asset platform construction
USA
Institutions like JPMorgan expand stablecoin applications
Market-driven, private institution innovation and regulatory framework develop in parallel
International Coordination
Advancement of multilateral central bank digital currency bridge projects
Exploring interoperability of digital currencies across different jurisdictions
Data Source: Compiled by AiCoin
03 Differentiated Strategic Paths
The digital finance strategies of the EU and China present starkly different logics.
Europe follows a path of "private institution-led, regulatory preemption."
ODDO BHF's EUROD stablecoin fully complies with MiCA regulatory requirements, aiming to meet the needs of institutions and retail users seeking instant, secure, and transparent on-chain euro transactions. By launching euro-pegged digital assets through regulated banking institutions, ODDO BHF hopes to satisfy the growing demand for payment solutions that connect traditional banks with modern technology.
China, on the other hand, has chosen a "state-led, systematic promotion" path.
In September 2025, the International Operation Center for Digital Renminbi officially commenced operations in Shanghai, launching three major business platforms—the digital renminbi cross-border digital payment platform, the digital renminbi blockchain service platform, and the digital asset platform. The digital renminbi cross-border digital payment platform achieves near real-time fund settlement through peer-to-peer payment technology, reducing the traditional cross-border payment cycle from days to seconds.
04 Comprehensive Analysis of EUROD Stablecoin
ODDO BHF's EUROD stablecoin represents a typical way for traditional European finance to expand into the blockchain field, with the following core characteristics:
Characteristic Dimension
Specific Information
Strategic Significance
Issuing Institution
French ODDO BHF Bank (175 years of history)
Utilizes traditional financial credibility to attract institutional investors
Asset Support
Pegged 1:1 to the euro
Follows MiCA regulatory requirements to ensure stability and redeemability
Technical Network
Issued on the Polygon blockchain
Balances transaction speed and cost, aimed at practical applications
Compliance Status
Complies with the EU MiCA regulatory framework
Compliance first, avoiding regulatory uncertainty
Initial Exchange
Spanish exchange Bit2Me
Focuses on the European market, gradually expanding influence
Core Partners
Fireblocks, Flowdesk
Leverages professional partners to fill technical capability gaps
Source: Compiled by AiCoin
05 Strategic Intent and Driving Forces
These seemingly scattered initiatives hide the well-considered strategic layouts of traditional financial giants.
● Competing for currency sovereignty has become a top priority for European institutions. European Central Bank President Christine Lagarde has previously warned that foreign stablecoins lacking "robust equivalent regulatory mechanisms" could trigger a reserve run in the eurozone.
In a time when dollar stablecoins dominate, compliant euro stablecoins like EUROD aim to reclaim monetary control in the digital age.
● Enhancing financial efficiency is another key driving force. The digital renminbi cross-border payment platform reduces the traditional cross-border payment cycle from days to seconds through peer-to-peer payment technology and significantly lowers channel fees by simplifying transaction links.
Similarly, ODDO BHF's choice of the Polygon network is also based on its faster and lower-cost trading capabilities.
● Addressing fragmentation challenges is equally urgent. The global digital asset field currently faces governance issues of "fragmentation and lack of synergy."
The EU creates a unified regulatory space through the MiCA regulation, while China builds standardized technical interfaces and regulatory nodes through the digital renminbi blockchain service platform, achieving organic connections between different blockchain networks and the digital renminbi system.
06 Future Trend Outlook
The entry of traditional financial institutions is changing the ecological landscape of blockchain finance.
● Competition for sovereign digital currencies will become increasingly fierce. With the establishment of the International Operation Center for Digital Renminbi and the implementation of the EU MiCA regulation, sovereign digital currencies have become a core area of financial competition and institutional games among countries.
● Cross-border payments will become a breakthrough focus. The advantages of blockchain technology in the field of cross-border payments are particularly evident. The digital renminbi cross-border digital payment platform promotes interoperability of digital currencies across different jurisdictions by participating in multilateral central bank digital currency bridge projects.
● Hybrid models may become mainstream. An intermediate path is emerging between complete decentralization and complete centralization—the digital renminbi blockchain service platform adopts a regulated consortium chain architecture, providing compliant digital renminbi payment interfaces for blockchain applications by defining unified API specifications and smart contract standards.
In the next five years, we will witness a quiet migration of financial infrastructure. If successful, what is considered cutting-edge blockchain technology today will become the default underlying layer of the financial world tomorrow.
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