Bitbond and Bankhaus von der Heydt Issue First Euro Stablecoin

​​Bankhaus von der Heydt (BVDH), one of Europe's oldest banks, announced that it has partnered with Germany's leading technology provider Bitbond to issue a Euro Stablecoin (EURB) via the Stellar network.

According to the official press release, the newly launched Euro stablecoin (EURB) is the first stablecoin issued directly by a banking institution on Stellar and one of the first of its kind on the cryptomarket.

The Stellar Development Foundation played a key role in the development of EURB. The organization provided support in consultation and the technical integration of EURB.

EURB allows BVDH customers and third-party platforms to process payment transactions on-chain. Bitbond also integrates the stable coin into the securitization platform developed for BVDH, including the automatic mining and burning of tokens. For the Stellar ecosystem this means a new on- and off-ramp for EUR in the network. Users or companies that want to access EUR via the Stellar network can now do so.

Commenting on the launch, Philipp Doppelhammer, Managing Director at Bankhaus von der Heydt, 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 global cross-border money transfers for its business customers by exchanging different stablecoins and linking into banking systems around the world.”